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Amid the many other sketchy financial details surrounding the Cedar Center project is the apparent lack of a backup plan in the event the $14 million “TIF” proposal falls through.
The Cleveland Heights University Heights School District has until December 31, 2009 to render a decision on whether to accept or decline the offer to forfeit the collection of $14 million in taxes over the next 30 years from the Cedar Center property. This arrangement allows the developer to use that money to pay off the construction debt. A persuasion tactic to acquire a “Tax Increment Financing” agreement is the promise of higher property tax revenue with the supposed improvement of the land. Any inference that the development is progressing is speculative “smoke and mirrors” due to the impending decision by the Cleveland Heights University Heights School District.
- time: 1 min. 39 sec.
Please also see: Prolonging The Agony