The bill, introduced by Senator Timken, amends section 5709.40 of the Revised Code to broaden the definition of "public infrastructure improvement" to include "buildings for police or firefighting." This addition aims to enhance municipal corporations' ability to finance essential public safety infrastructure through tax increment financing, which is intended to promote economic development in designated areas. The bill also clarifies that police or fire equipment cannot be designated as public infrastructure improvements, ensuring that service payments received under these ordinances are not allocated for operational costs.

Furthermore, the bill establishes guidelines for payments in lieu of taxes and the creation of incentive districts. It mandates that when a legislative authority adopts an ordinance to exempt improvements from taxation, it must compensate the joint vocational school district at the same rate as the local school district. The bill allows for a maximum ten-year public purpose declaration for improvements, with a tax exemption not exceeding seventy-five percent, even if the board of education and legislative authority cannot reach an agreement. Additionally, it provides a process for the board of county commissioners to object to exemptions and outlines requirements for transparency and notification regarding amendments or proposed ordinances. The existing section 5709.40 is repealed as part of this legislative update.

Statutes affected:
As Introduced: 5709.40