The community of Kilbourne in Brown Township received a boost to its revitalization efforts Thursday when the Delaware County Board of Commissioners approved a tax increment financing (TIF) plan that is estimated to raise $300,000 for infrastructure improvements.
The 10-year TIF will be funded by property taxes generated from the revitalization.
The infrastructure work will include sidewalks and improvements to roads and storm water drainage.
The total cost of infrastructure needs in the area is estimated to be $8 million.
Investors in the community have been working with the Delaware County Finance Authority for several years to secure additional funding for the project.
Kilbourne is an unincorporated community of about 150 residents. Many of the buildings in Kilbourne, which straddles state Route 521, were in disrepair.
Gandee & Associates, an engineering firm currently based in Westerville, is the force leading the Kilbourne revitalization. The company has been working closely with township trustees to make sure the project meets the needs of the community. Gandee & Associates began purchasing buildings in Kilbourne several years ago with the hopes of turning it into a destination location. It also plans to move Gandee & Associates’ offices to Kilbourne.
The company owns 11 buildings in the community, including the Kilbourne Market, which serves craft beer and pizza.
The Delaware County Finance Authority (DCFA) is a political subdivision created by the Delaware County commissioners to assist in economic development and job creation in Delaware County. The DCFA offers numerous incentive programs and has the ability to issue tax-exempt and taxable bonds for businesses, developers, non-profits and governmental projects. The DCFA works in partnership with traditional lending institutions and its public partners to provide the most advantageous financing for projects that benefit the community.
Submitted by Yocum Communications.