Thursday, June 17, 1999
City, schools agree to $100 million plan
BY PERRY BROTHERS
The Cincinnati Enquirer
The Cincinnati Board of Education late Wednesday approved an agreement with the City of Cincinnati that would clear the way for the city to make good on its $100 million pledge for school building improvements.
As part of the agreement, the district will trade its legal right to vote case-by-case on property tax breaks for economic development projects that offer property tax abatements.
The board and the city have wrangled over the terms of the agreement since the pledge was made in 1995 as part of the campaign to pass a sales tax increase.
If approved by city council, the city will pay the school district $5 million a year for 20 years. With that money, the district would be able to issue bonds and raise between $50 million and $60 million for rebuilding and repairs.
“We have board projects that have been approved and they are ready to go, pending the approval of this agreement,” said Jan Leslie, Cincinnati Public Schools spokeswoman.
The latest dispute involved the city's request that the school board forfeit its right to approve property tax abatements on a case-by-case basis.
The city uses abatements as incentives to lure businesses and, by law, a school board vote is required when the property tax break is greater than 75 percent.
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