Akron City Council has approved Tax Increment Financing (TIF) for improvements to the Ohio Edison/FirstEnergy Corp. campus in West Akron.
Council previously approved plans for FirstEnergy’s project, which involves building a $45 million transmission control center on its property, replacing an existing center in Wadsworth Township.
The highly secure facility will be built off the Mull Avenue entrance to the company’s 150-acre campus that already houses an Ohio Edison service center, a FirstEnergy call center and a large office building.
A TIF deal freezes the value of the land before any improvements are made. Taxes are paid as if the land had never been developed.
Additional money collected for the increased value of the land goes for a specified time to the project instead.
In this case, the TIF will be used for public improvements, including a new turn lane and traffic signal on Mull, closer to White Pond Drive than the existing signal, and for infrastructure improvements FirstEnergy is making.
The TIF is expected to raise $5.3 million over 30 years, or an average of $400,000 a year, said Adele Roth, the city’s development manager.