TIPP CITY — The city is considering ways to boost community and economic development in Tipp City, including the establishment of a community investment corporation.
City Manager Tim Eggleston presented council with information about community investment corporations (CIC) at a recent study session.
After discussion with council, Eggleston said staff would finish the paperwork to establish a CIC. Some details regarding the operation of the organization have not been determined, like how it will be funded, who would serve on the board and whether it would be a 501(c)3 nonprofit organization.
Eggleston said the city works with various local partners to support development, like the chamber of commerce and Jobs Ohio, and can offer different options for tax incentives. He said the administration’s vision for a CIC is an entity that would assist in funding development projects and with the purchase of buildings or land.
“As far as getting funding for infrastructure, that’s a little harder to do. And that’s really where we fall short is trying to figure out how to assist a commercial venture to be able to come here,” Eggleston said.
Eggleston’s presentation noted that city administration’s intention would be to provide a small amount of seed money to start the CIC, but not to provide funding yearly.
Eggleston asked council what they think the role of a community development organization would be, a funding resource for projects the city find appropriate or “an arm that reaches out and starts soliciting businesses or tries to develop businesses.”
Council President Katelyn Berbach said that any community development organization should be self-funding. She added that she doesn’t see any downside to that organization operating as a 501(c)3.
“I know that 100 percent I am not for funding it yearly,” she said.
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