Columbiana BOE supports former Lake Front project

COLUMBIANA -- The city's school board has formally expressed its support for a project that would revitalize the former Lake Front Golf Course property.

The board met in special session this week to vote on a resolution showing its support for the project being undertaken by Master Plan Builders that would transform the 54-acres of unused land into a multi-use property for commercial and residential opportunities.

The board voted nearly unanimously, with board member Mark Hutson abstaining. Hutson also serves as the city's municipal attorney and therefore cannot vote on the matter since the city is in discussions with Master Plan regarding possible tax increment financing (TIF) and a Community Reinvestment Area (CRA) for the project.

A TIF is a method used to subsidize some of the redevelopment costs for infrastructure and other community projects while a CRA offers certain tax exemptions for property owners agreed upon by the city.

Master Plan is seeking a TIF for the commercial portion of the property and a CRA for the residential portion.

Specifically, the company is asking the city to approve a TIF that would provide an exemption on 100 percent of the taxable value of the eligible portion of the project for a period of 25 years and the CRA on the other portion.

The school board approved the resolution with no discussion during the special meeting.

According to the resolution, the board is giving its formal support "providing that the potential increase in enrollment and cost of educating students who move into the project is adequately addressed to the satisfaction of the board" in a compensation agreement between the board, the company, and the city.

Furthermore, the resolution states that the board is expressing its support for the project on the condition that it does not constitute a waiver of its rights and that the board can approve or disapprove of any tax abatement or exemption agreed upon by the city once those discussions are complete.

School board approval is necessary for TIF and CRA projects that affect the district.