The bill, introduced by Senator Timken, amends section 5709.40 of the Revised Code to broaden the scope of tax increment financing arrangements by including funding for "buildings for police or firefighting" as eligible public infrastructure improvements. This addition aims to bolster municipal corporations' capacity to support vital public safety infrastructure within their economic development strategies. The bill also clarifies existing regulations concerning the creation of incentive districts and the declaration of public purpose improvements, while maintaining requirements for public hearings and notifications to property owners to ensure transparency and community engagement.

Furthermore, the bill stipulates that legislative authorities must compensate joint vocational school districts at the same rate as local school districts when adopting tax exemption ordinances. It establishes a timeline for the board of education to certify its resolution prior to ordinance adoption and outlines the process for county commissioners to object to proposed tax exemptions. If no objection is raised within thirty days, the ordinance can be adopted without compensation. The bill also allows for the extension of incentive districts created before January 1, 2006, for up to fifteen years without increasing the percentage of exempted improvements, and includes reporting requirements to the director of development while repealing the existing section 5709.40.

Statutes affected:
As Introduced: 5709.40