Dayton, Ohio – The city of Dayton has approved a tax incentive for a residential project that would bring hundreds of new homes to the region.
Dayton City Commission on Wednesday OK’ed an emergency ordinance to establish a Tax Increment Financing (TIF) District and a corresponding agreement in connection to the proposed Willow Hills housing development. Commissioners approved the ordinance unanimously.
The project, to be located at 4400 Old Troy Pike in the Kittyhawk neighborhood of northeast Dayton, is proposed by Miamisburg-based Oberer Companies, which is doing business as Willow Hills Developers Ltd. Oberer plans to construct 256 single-family, market-rate homes on a 101-acre property in partnership with Ryan Homes. The project also includes 31 acres of open space and 12.5 acres of new public right-of-way.
The TIF and corresponding agreement will support the project by providing a 75% abatement of real property taxes on new improvements for a period of 10 years, following completion of the project. Service payments will be established on each home to reimburse the developer for the cost of public infrastructure associated with the project.