Thursday, July 01, 1999
School board stops on a dime
10-cent deal resolves repair funding issue
BY DANA DiFILIPPO
The Cincinnati Enquirer
After months of quibbling, Cincinnati Public Schools and city officials signed a 20-year, $100 million contract Wednesday that will allow the district to start fixing its crumbling buildings.
The clincher — 10 cents.
As part of its pledge to give $100 million for school repairs, city officials wanted the school system to forfeit its right to approve property tax breaks. District officials balked.
They relented after realizing that state law allows the city to abate 75 percent of a property tax without a district's consent. Under that law, the other 25 percent is distributed to schools, counties and cities, giving CPS 15 cents per dollar.
CPS typically received 60 cents per dollar in agreements with developers. If they didn't add tax breaks onto the $100 million contract, board members worried city leaders would cut that to the state minimum of 15 cents.
So under Wednesday's deal, city and school leaders agreed that the district would continue to receive 60 cents per dollar for three-quarters of all tax breaks. For the remaining tax abatements — involving “extraordinary circumstances” such as environmental cleanups — the district will get 25 cents per dollar.
CPS leaders plan to borrow against the money this summer to begin repairs. Hamilton County officials also pledged $100 million.
“This is a good day for kids because it means we can start fixing some of our buildings,” board member Lynn Marmer said.
City officials approve tax breaks as an incentive for developers. In recent years, the city has handed out more tax breaks as Northern Kentucky has tried to entice more developers.
Developers typically agree to repay part of the tax to the district. The city also gives the district such services as nurses, crossing guards and resource officers.
Schools receive about 60 percent of local property taxes, representing more than three-quarters of the district's budget.
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