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LISBON -- The Columbiana County Career and Technical Center has passed a resolution waiving the required notices for the Tax Increment Financing (TIF) being sought by the St. Clair Township Board of Trustees.
The career center board has been in discussions with the Beaver Local School District, which would also be affected by the TIF proposed by the township.
According to the resolution, St. Clair Township is planning to offer 100 percent exemption over a period of 30 years for affected parcels.
Tax Increment Financing is an economic development tool available to local governments in the state to finance public infrastructure improvements and allows for tax exemptions to improvements on private property that are serving a public purpose.
If the TIF is put into effect by the township, the township will make payments to the Beaver Local School District equal to the amount of real property taxes that the school district would have received had the TIF not been implemented, the resolution approved by the career center board states.
Furthermore, the resolution states that the career center will be compensated the same as the Beaver Local School District.
Beaver Local School District Superintendent Eric Lowe said the potential compensation amount is still being determined by the Columbiana County Auditor's Office.
According to Elizabeth Wright, who serves as the career center's public relations co-coordinator, their attorney has been in communication with the attorney representing Beaver Local throughout the process.
"Superintendent Jeremy Corbisello felt comfortable asking the board to approve this as our stance has been not to stand in the way of progress in our communities," Wright said.