Three New TIF Districts Approved

Three new 30-year Tax Increment Financing districts (TIFs) have been approved by Painesville City Council to help spur redevelopment projects and increase revenues for the City.
TIFs are an economic development tool that allow developers and local governments to collaborate in the redevelopment of underutilized or outdated properties into renewed, revitalized spaces. TIF districts allow taxes associated with any increased value in property to be used for public improvements like new roads and infrastructure upgrades.
The three new districts approved include the Downtown District (extending from Liberty Street to State Street and up to East Prospect Street and Jackson Street), the Richmond District (extending from Painesville Square up to State Route 2 on Richmond Street), and the Chester Street District (centering around Avery Dennison’s campus at 250 Chester Street).
“TIFs generate revenue that allow the city to provide improved infrastructure for new projects,” said City Manager Doug Lewis. “For example, Avery Dennison plans to expand their manufacturing facility by 32,000 square feet. The new Chester Street TIF will allow us to improve the roadway and waterlines around the Avery Dennison campus thanks to the taxes of the increased property value when the new building is constructed.”
The taxes generated from TIF properties are directed into infrastructure improvements in the specific TIF district, thus enabling the city to fund bigger infrastructure projects benefiting the specific neighborhood of the TIF. These public improvements can include anything from paving roadways, public utility improvements, environmental/health improvements, stormwater improvements, demolitions, parks, streetscapes, additional landscaping and professional services.