Committee approves amendment to tax-incentive agreement to increase CPS share; estimated $5 million annual boost

The committee placed on for passage a first amendment to the tax-incentive agreement with Cincinnati Public Schools that would extend the agreement five years and extend TIF authority by 15 years. The administration said the amendment would increase the percentage of TIF funding allocated to CPS from 27 percent to 33 percent and estimated that change could generate roughly $5,000,000 in additional revenues per year for CPS. Why it matters: The change would reallocate a greater share of tax increment financing revenues to Cincinnati Public Schools, potentially increasing annual CPS revenue by a multi-million-dollar amount and affecting long-term TIF cash flows for projects covered by the agreement. Questions and process: Committee members had no recorded objections in the transcript and agreed to place item 30 on for passage; Council member Walsh noted earlier concerns about late agenda distribution in the meeting generally but did not record an objection specific to the CPS amendment in committee discussion. Ending: The chair put the item on for passage and the committee resolved to move the amendment forward to the council for final consideration.