NORTH CANTON, Ohio (News Talk 1480 WHBC) – Developers with the west factory property of the Hoover District are seeking a Tax Increment Financing or TIF deal with North Canton.
And the city hopes to make it work for redevelopment of the old structure.
Mayor Stephan Wilder says with 70-percent of property tax revenue going to the school district, he wanted to make sure they wouldn’t be losing out.
So the school district is set to receive $2.5 million and 10.32 acres of nearby land.
Under the TIF, they will lose out on 30 years of tax revenue based on increases in property value.
That money will go back to the developer for construction.
The idea is to build over 200 market-rate apartments upstairs, with retail and offices on the first floor.
A vote on the TIF is expected in January.