Some Bellevue businesses objected to the city’s new plans for a tax increment finance (TIF) district, but that didn’t stop Campbell County from approving the plan by a vote of 4-2 earlier this month.
Bellevue’s TIF plan calls for major improvements to the city’s infrastructure as well as a wave of development within the city’s commercial areas beyond Fairfield Avenue, Bellevue’s main business corridor.
According to the plan, tax money collected from any increased value of property would be reinvested solely within the parameters of the TIF area outlined in the plan. Objecting businesses worry that the ordinance will unfairly characterize their properties as “blighted,” spurring possible eminent domain efforts. Officials attempted to assuage those fears, stating that creation of a TIF will not increase the city’s property power.
"I understand the fear of eminent domain, but I don't think it's a realistic view," said Commissioner Tom Lampe, speaking to the objectors. "You should be fortunate that you're in it because the money is going to be put back into the surrounding area that you are in. They want to help you succeed. This should be a good, positive thing."
Neighboring cities of Newport, Dayton and Highland Heights currently have similar TIF plans in place.
Read the full River City News story here