School treasurer Beth Collier had a story in the TVN about the financial issues we will see as the Yard gets built up. I missed noting the story when it first was published in April 2016, but it was an important document that should be linked and read.
TL,DR – Because the school board negotiated TIF agreements with NRI that mostly sent additional property tax money back into the infrastructure costs of the Yard, the school will see no windfall (until 2040, when the agreement expires.) “New funding generated by Grandview Yard has totaled $1,061,000 since 2010, which was less than 1% per year.”
If you are licking your chops over all that tax money to come after 2040, just remember that the City Center Mall was also a development that was supposed to provide taxes for Columbus after the TIF agreements ended. That didn’t work as planned. Money that arrives in 25 years goes into the Chicken and Hatch folder.
Something that wasn’t mentioned in the story – there have been very few children added to the school system so far from the apartments in the Yard. The single family homes that are under construction will add a few, but the total student additions are expected to be small. The school board would probably like you to think that there are more students on the way, so they can push for new school buildings. It just isn’t going to happen.
Also, the story in the TVN is about property tax. That is where all the money for the schools in Grandview comes from (well, a few other sources like the state, but that has been decreasing). There are other school districts in Franklin County, like Bexley, who have an income tax for the school. I’m surprised there was no mention of the possibility of an income tax for the school. I’m sure the board will be pushing that idea when they fail the first levy for building new schools.
Tangential to this story but worth noting – the TVN story has a Grandview Heights school logo as the illustration to this story, apparently it was one of the older designs that was still in use. Notice how it has the two initials of the school connected, but not overlapping, so the sequence and lettering is clear. Too bad that was one item in the historical past of the school that the board didn’t want preserved.
If you are wondering “why is the school Treasurer going public with a story about the G.Y. money, it has been a known issue for years?”, like everything else the board does now, it’s about managing perception of school funding in preparation for building new school buildings. If there are people who think the school is like the city and has significant new money on the way from the Yard, it impairs the ability to ask for new levies.
Previously – Read the post on the city blog by then President Panzera about the city’s tax income from the Yard. Although the story is a little dated (2014), it is a good overview.
(Update May 2017 ) Collier wrote a story for the TVN that is an almost identical to last year’s reminder that the Yard will not be a big source of funds for the schools. I guess that it is a message that needs to be repeated, low information voters can look at all the new buildings going up in the Yard and think that it must be creating a wave of new funding for the schools.
I think Collier will be putting this story on constant repeat, there is little chance the board can pass big new levies for building new schools as long as some percentage of voters still think the Yard will solve our school funding issues.