WORTHINGTON — City council members voted Monday night to support renovations on the Hotel Thompson by creating a redevelopment tax increment financing district for the project.
A redevelopment TIF district allows up to 25 years of tax abatement, a potentially significant boon to the new owners of the Thompson. In order to create a redevelopment TIF district, state law requires that the building be classified as "blighted." The survey needed to determine this designation will cost up to $5,900.
Council member Alan Oberloh suggested that the actions and decisions already made in regards to the Thompson could be considered evidence that the property has been blighted. Although the council authorized the survey and agreed to use the first proceeds from the TIF district to pay for it, it staff was also asked to look into the possibility of using council meeting minutes and court documents rather than needing the survey.
For more on this story, see Wednesday's edition of The Globe or dglobe.com.