City officials will discuss giving back $3 million in taxpayer money collected for economic development in order to comply with a new state law.
The law, which takes effect July 1, allows the Columbus City Council to consider giving back funds collected in tax-increment financing, or TIF, districts if the city’s redevelopment commission doesn’t spend at least half of that money each year.
When a business locates or expands in a TIF district, the additional property taxes collected from the growth are set aside. Cities then can use those funds for infrastructure and economic development projects.
