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Geauga County / City of Chardon

TIF - Residential Incentive District


Options Summary

Option

Type

Rolling

Exemption %
Years
1 - 10
Remainder

100%

50%

Length

Revenue Loss
to County

> 50 years* $10,488,807.33 current legislation passed by City of Chardon

* based on per parcel exemption / buildout of 20 homes per year

Notes

Estimated R/E Tax Collection


using Residential Incentive District Exemptions

Assumptions:
#
Average
Homes
value
500 $250,000

Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54

New
Homes
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Effective
rate
56.22518 $

Total
Homes
20
40
60
80
100
120
140
160
180
200
220
240
260
280
300
320
340
360
380
400
420
440
460
480
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500

Annual
Collection
4,919.70 $

Estimated Annual
Collection
$
98,394.07
$
196,788.13
$
295,182.20
$
393,576.26
$
491,970.33
$
590,364.39
$
688,758.46
$
787,152.52
$
885,546.59
$
983,940.65
$
1,082,334.72
$
1,180,728.78
$
1,279,122.85
$
1,377,516.91
$
1,475,910.98
$
1,574,305.04
$
1,672,699.11
$
1,771,093.17
$
1,869,487.24
$
1,967,881.30
$
2,066,275.37
$
2,164,669.43
$
2,263,063.50
$
2,361,457.56
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63
$
2,459,851.63

County
portion
1,048.88

Option A

Estimated County
# Homes Exempted
Portion
Year 1-10-100% Year 11-30-50%
$
20,977.61
20
0
$
41,955.23
40
0
$
62,932.84
60
0
$
83,910.46
80
0
$
104,888.07
100
0
$
125,865.69
120
0
$
146,843.30
140
0
$
167,820.92
160
0
$
188,798.53
180
0
$
209,776.15
200
0
$
230,753.76
200
20
$
251,731.38
200
40
$
272,708.99
200
60
$
293,686.61
200
80
$
314,664.22
200
100
$
335,641.83
200
120
$
356,619.45
200
140
$
377,597.06
200
160
$
398,574.68
200
180
$
419,552.29
200
200
$
440,529.91
200
220
$
461,507.52
200
240
$
482,485.14
200
260
$
503,462.75
200
280
$
524,440.37
200
300
$
524,440.37
180
320
$
524,440.37
160
340
$
524,440.37
140
360
$
524,440.37
120
380
$
524,440.37
100
400
$
524,440.37
80
400
$
524,440.37
60
400
$
524,440.37
40
400
$
524,440.37
20
400
$
524,440.37
0
400
$
524,440.37
0
380
$
524,440.37
0
360
$
524,440.37
0
340
$
524,440.37
0
320
$
524,440.37
0
300
$
524,440.37
0
280
$
524,440.37
0
260
$
524,440.37
0
240
$
524,440.37
0
220
$
524,440.37
0
200
$
524,440.37
0
180
$
524,440.37
0
160
$
524,440.37
0
140
$
524,440.37
0
120
$
524,440.37
0
100
$
524,440.37
0
80
$
524,440.37
0
60
$
524,440.37
0
40
$
524,440.37
0
20

Exemption
Years 1 - 10
Years 11 - 30

Expired
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
20
40
60
80
100
120
140
160
180
200
220
240
260
280
300
320
340
360
380
400
420
440
460
480

%
100%
50%

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

City
20,977.61
41,955.23
62,932.84
83,910.46
104,888.07
125,865.69
146,843.30
167,820.92
188,798.53
209,776.15
220,264.95
230,753.76
241,242.57
251,731.38
262,220.18
272,708.99
283,197.80
293,686.61
304,175.41
314,664.22
325,153.03
335,641.83
346,130.64
356,619.45
367,108.26
356,619.45
346,130.64
335,641.83
325,153.03
314,664.22
293,686.61
272,708.99
251,731.38
230,753.76
209,776.15
199,287.34
188,798.53
178,309.72
167,820.92
157,332.11
146,843.30
136,354.50
125,865.69
115,376.88
104,888.07
94,399.27
83,910.46
73,421.65
62,932.84
52,444.04
41,955.23
31,466.42
20,977.61
10,488.81

Estimated RID Distribution


City Cumulative
County
$
20,977.61 $
$
62,932.84 $
$
125,865.69 $
$
209,776.15 $
$
314,664.22 $
$
440,529.91 $
$
587,373.21 $
$
755,194.13 $
$
943,992.66 $
$ 1,153,768.81 $
$ 1,374,033.76 $
10,488.81
$ 1,604,787.52 $
20,977.61
$ 1,846,030.09 $
31,466.42
$ 2,097,761.47 $
41,955.23
$ 2,359,981.65 $
52,444.04
$ 2,632,690.64 $
62,932.84
$ 2,915,888.44 $
73,421.65
$ 3,209,575.04 $
83,910.46
$ 3,513,750.46 $
94,399.27
$ 3,828,414.68 $
104,888.07
$ 4,153,567.70 $
115,376.88
$ 4,489,209.54 $
125,865.69
$ 4,835,340.18 $
136,354.50
$ 5,191,959.63 $
146,843.30
$ 5,559,067.88 $
157,332.11
$ 5,915,687.33 $
167,820.92
$ 6,261,817.98 $
178,309.72
$ 6,597,459.81 $
188,798.53
$ 6,922,612.84 $
199,287.34
$ 7,237,277.06 $
209,776.15
$ 7,530,963.66 $
230,753.76
$ 7,803,672.65 $
251,731.38
$ 8,055,404.03 $
272,708.99
$ 8,286,157.79 $
293,686.61
$ 8,495,933.94 $
314,664.22
$ 8,695,221.28 $
325,153.03
$ 8,884,019.81 $
335,641.83
$ 9,062,329.53 $
346,130.64
$ 9,230,150.45 $
356,619.45
$ 9,387,482.56 $
367,108.26
$ 9,534,325.86 $
377,597.06
$ 9,670,680.36 $
388,085.87
$ 9,796,546.05 $
398,574.68
$ 9,911,922.93 $
409,063.49
$ 10,016,811.00 $
419,552.29
$ 10,111,210.27 $
430,041.10
$ 10,195,120.72 $
440,529.91
$ 10,268,542.38 $
451,018.72
$ 10,331,475.22 $
461,507.52
$ 10,383,919.26 $
471,996.33
$ 10,425,874.49 $
482,485.14
$ 10,457,340.91 $
492,973.94
$ 10,478,318.52 $
503,462.75
$ 10,488,807.33 $
513,951.56

Co Cumulative
$
$
$
$
$
$
$
$
$
$
$
10,488.81
$
31,466.42
$
62,932.84
$
104,888.07
$
157,332.11
$
220,264.95
$
293,686.61
$
377,597.06
$
471,996.33
$
576,884.40
$
692,261.28
$
818,126.97
$
954,481.47
$ 1,101,324.77
$ 1,258,656.88
$ 1,426,477.80
$ 1,604,787.52
$ 1,793,586.05
$ 1,992,873.39
$ 2,202,649.54
$ 2,433,403.30
$ 2,685,134.68
$ 2,957,843.67
$ 3,251,530.27
$ 3,566,194.49
$ 3,891,347.52
$ 4,226,989.35
$ 4,573,120.00
$ 4,929,739.44
$ 5,296,847.70
$ 5,674,444.76
$ 6,062,530.64
$ 6,461,105.31
$ 6,870,168.80
$ 7,289,721.09
$ 7,719,762.19
$ 8,160,292.10
$ 8,611,310.82
$ 9,072,818.34
$ 9,544,814.67
$ 10,027,299.81
$ 10,520,273.75
$ 11,023,736.50
$ 11,537,688.06

Gen Fund
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

2,187.97
4,375.93
6,563.90
8,751.86
10,939.83
13,127.79
15,315.76
17,503.72
19,691.69
21,879.65
24,067.62
26,255.58
28,443.55
30,631.51
32,819.48
35,007.44
37,195.41
39,383.37
41,571.34
43,759.30
48,135.23
52,511.17
56,887.10
61,263.03
65,638.96
67,826.92
70,014.89
72,202.85
74,390.82
76,578.78
78,766.75
80,954.71
83,142.68
85,330.64
87,518.61
89,706.57
91,894.54
94,082.50
96,270.47
98,458.43
100,646.40
102,834.36
105,022.33
107,210.30

Aging
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

874.77
1,749.53
2,624.30
3,499.07
4,373.83
5,248.60
6,123.37
6,998.13
7,872.90
8,747.67
9,622.43
10,497.20
11,371.96
12,246.73
13,121.50
13,996.26
14,871.03
15,745.80
16,620.56
17,495.33
19,244.86
20,994.40
22,743.93
24,493.46
26,243.00
27,117.76
27,992.53
28,867.30
29,742.06
30,616.83
31,491.60
32,366.36
33,241.13
34,115.89
34,990.66
35,865.43
36,740.19
37,614.96
38,489.73
39,364.49
40,239.26
41,114.03
41,988.79
42,863.56

Health
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

175.16
350.33
525.49
700.65
875.82
1,050.98
1,226.14
1,401.30
1,576.47
1,751.63
1,926.79
2,101.96
2,277.12
2,452.28
2,627.45
2,802.61
2,977.77
3,152.94
3,328.10
3,503.26
3,853.59
4,203.91
4,554.24
4,904.57
5,254.89
5,430.06
5,605.22
5,780.38
5,955.54
6,130.71
6,305.87
6,481.03
6,656.20
6,831.36
7,006.52
7,181.69
7,356.85
7,532.01
7,707.18
7,882.34
8,057.50
8,232.66
8,407.83
8,582.99

$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

County Breakdown
GCDD
Engineer
$
$
$
$
$
$
$
$
$
$
2,702.97 $
864.28
5,405.93 $
1,728.56
8,108.90 $
2,592.83
10,811.86 $
3,457.11
13,514.83 $
4,321.39
16,217.79 $
5,185.67
18,920.76 $
6,049.94
21,623.73 $
6,914.22
24,326.69 $
7,778.50
27,029.66 $
8,642.78
29,732.62 $
9,507.05
32,435.59 $
10,371.33
35,138.55 $
11,235.61
37,841.52 $
12,099.89
40,544.48 $
12,964.17
43,247.45 $
13,828.44
45,950.42 $
14,692.72
48,653.38 $
15,557.00
51,356.35 $
16,421.28
54,059.31 $
17,285.55
59,465.24 $
19,014.11
64,871.18 $
20,742.67
70,277.11 $
22,471.22
75,683.04 $
24,199.78
81,088.97 $
25,928.33
83,791.94 $
26,792.61
86,494.90 $
27,656.89
89,197.87 $
28,521.16
91,900.83 $
29,385.44
94,603.80 $
30,249.72
97,306.76 $
31,114.00
100,009.73 $
31,978.28
102,712.69 $
32,842.55
105,415.66 $
33,706.83
108,118.63 $
34,571.11
110,821.59 $
35,435.39
113,524.56 $
36,299.66
116,227.52 $
37,163.94
118,930.49 $
38,028.22
121,633.45 $
38,892.50
124,336.42 $
39,756.78
127,039.39 $
40,621.05
129,742.35 $
41,485.33
132,445.32 $
42,349.61

JFS
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

612.55
1,225.09
1,837.64
2,450.19
3,062.73
3,675.28
4,287.82
4,900.37
5,512.92
6,125.46
6,738.01
7,350.56
7,963.10
8,575.65
9,188.20
9,800.74
10,413.29
11,025.83
11,638.38
12,250.93
13,476.02
14,701.11
15,926.21
17,151.30
18,376.39
18,988.94
19,601.48
20,214.03
20,826.58
21,439.12
22,051.67
22,664.21
23,276.76
23,889.31
24,501.85
25,114.40
25,726.95
26,339.49
26,952.04
27,564.59
28,177.13
28,789.68
29,402.22
30,014.77

GCMH
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

1,049.93
2,099.86
3,149.79
4,199.72
5,249.65
6,299.58
7,349.51
8,399.44
9,449.37
10,499.30
11,549.23
12,599.16
13,649.08
14,699.01
15,748.94
16,798.87
17,848.80
18,898.73
19,948.66
20,998.59
23,098.45
25,198.31
27,298.17
29,398.03
31,497.89
32,547.82
33,597.75
34,647.68
35,697.61
36,747.54
37,797.47
38,847.40
39,897.33
40,947.25
41,997.18
43,047.11
44,097.04
45,146.97
46,196.90
47,246.83
48,296.76
49,346.69
50,396.62
51,446.55

Park
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$

2,021.19
4,042.39
6,063.58
8,084.77
10,105.97
12,127.16
14,148.35
16,169.55
18,190.74
20,211.93
22,233.12
24,254.32
26,275.51
28,296.70
30,317.90
32,339.09
34,360.28
36,381.48
38,402.67
40,423.86
44,466.25
48,508.64
52,551.02
56,593.41
60,635.80
62,656.99
64,678.18
66,699.37
68,720.57
70,741.76
72,762.95
74,784.15
76,805.34
78,826.53
80,847.73
82,868.92
84,890.11
86,911.31
88,932.50
90,953.69
92,974.89
94,996.08
97,017.27
99,038.47

Estimated R/E Tax Collection


using Residential Incentive District Exemptions

Assumptions:
#
Average
Homes
value
500 $250,000

Year
55

New
Homes
0

Effective
rate
56.22518 $

Total
Homes
500

Annual
Collection
4,919.70 $

County
portion
1,048.88

Option A

Estimated Annual
Estimated County
# Homes Exempted
Collection
Portion
Year 1-10-100% Year 11-30-50%
$
2,459,851.63 $
524,440.37
0
0
$ 105,773,619.88 $

22,550,935.76

Exemption
Years 1 - 10
Years 11 - 30

Expired
500

City

100%
50%

Estimated RID Distribution


City Cumulative
County
Co Cumulative
$ 10,488,807.33 $
524,440.37 $ 12,062,128.43 $

Gen Fund
109,398.26 $

$ 10,488,807.33

$ 12,062,128.43 $

2,516,159.99 $ 1,005,981.51 $ 201,437.54 $

3,108,410.50 $

Total Estimated Collection - Non RID

$ 22,550,935.76 $

4,704,125.20 $ 1,880,748.04 $ 376,600.63 $

Difference

$ (10,488,807.33) $ (2,187,965.21) $ (874,766.53) $ (175,163.09) $

Total Estimated Collection - RID

Aging
43,738.33 $

Health
8,758.15 $

County Breakdown
GCDD
Engineer
135,148.28 $
43,213.89 $

JFS
30,627.32 $

GCMH
52,496.48 $

Park
101,059.66

993,919.38 $

704,428.30 $

1,207,419.06 $

2,324,372.15

5,811,376.14 $ 1,858,197.11 $

1,316,974.65 $

2,257,348.67 $

4,345,565.32

(2,702,965.64) $

(864,277.73) $

(612,546.35) $ (1,049,929.61) $ (2,021,193.17)