The bill, introduced by Senator Timken, amends section 5709.40 of the Revised Code to broaden the scope of tax increment financing (TIF) arrangements by including funding for police and firefighting facilities. It inserts language that defines "buildings for police or firefighting" as part of "public infrastructure improvement," thereby enabling municipal corporations to finance essential public safety infrastructure through TIF. The bill retains existing provisions for creating incentive districts and mandates that legislative authorities conduct public hearings and notify property owners within proposed districts, ensuring community engagement and oversight in the funding process.

Furthermore, the bill revises the compensation agreements between legislative authorities and school districts regarding tax exemptions for improvements within incentive districts. It requires legislative authorities to notify county commissioners at least forty-five business days prior to adopting an ordinance that exempts improvements for over ten years or more than seventy-five percent of their value. The bill also allows for the extension of incentive districts created before January 1, 2006, for up to fifteen years without increasing the exemption percentage, and outlines a notification process for boards of education and county commissioners concerning amendments and exemptions. The existing section 5709.40 is repealed, signifying a comprehensive update to the framework governing these tax exemptions and compensation agreements.

Statutes affected:
As Introduced: 5709.40
As Reported By Senate Committee: 5709.40
As Passed By Senate: 5709.40