CUYAHOGA FALLS: When the city purchased some property — including a pond, a dam and a babbling brook — as part of a three-way deal to bring a Menards home improvement store to town, it inherited a $12 million challenge.
That’s the price tag for all the things Cuyahoga Falls planners would like to do with Mill Pond and the Mud Brook area north of Graham Road.
A master plan created for the 2015 acquisition envisioned trails and light recreation, but studies have since indicated the need for dam improvements, pond dredging, environmental cleanup of land once used by a gun club, the return of wetlands to help with storm water retention, and reinforcement of the stream bank.
Now, where to get the money?
On Monday, Cuyahoga Falls City Council will consider legislation that would create a special “incentive district” that would raise funds for Mill Pond and Mud Brook projects by cutting a special deal with developers.
Those who invest along a designated corridor that runs along both sides of Mud Brook could qualify for tax increment financing (TIF).
New developments would be exempt from paying 75 percent of the taxes on the assessed value of their property for 10 years, but would make a “service payment” in lieu of those taxes.
Planning Director Fred Guerra said it’s a win-win: The incentive district could spur development in some underused areas while raising money for a public improvement fund.
Also, having that cash on hand would also help the city apply for matching grants, Guerra said.
“We can apply to [the Ohio Department of Natural Resources] for grants, but no one is giving us a $12 million grant,” Guerra said. “We needed to find a different way of making this work.”
The goal is to implement the Mill Pond-Mud Brook Greenway Master Plan over the next 20 years.
Most of the incentive district is owned by the city, although there are some commercial, industrial and residential lots included.
Among those who would qualify are two developments already underway: The Enclave at Old Mill Pond and a senior housing complex at Pleasant Meadow.
The legislation being considered by council Monday is for the first of four phases. The first phase would cover 195 acres and includes both sides of Mud Brook and Mill Pond and both current residential development projects.
Guerra said there are 89 acres that could be developed in that section.
An analysis of property values in the first district indicates $62 million could be invested in this area, with developer “service payments” totaling $9 million if fully realized, he said.
Paula Schleis can be reached at 330-996-3741 or pschleis@thebeaconjournal.com. Follow her on Twitter at http://twitter.com/paulaschleis.