The Herald, Sharon, Pa.

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June 14, 2012

Hermitage school board approves TIF in 7-2 vote

HERMITAGE — Hermitage School Board Thursday reversed its earlier decision and approved a tax incremental financing plan for an Akron developer to put up a retail complex anchored by a Kohl's department store.

In a 7-2 vote, the board OK'd the TIF plan, in which the city, county and school district would defer 69 percent of new property tax money generated by the development for 20 years, with the deferred money going to pay off a bond issue to provide up-front money for construction.

The vote included an “additional contribution agreement” in which developer Levey and Co. of Akron will pay the district $60,000.

The board on May 21 vetoed the TIF in a 6-3 vote.

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