Orange Schools Information Regarding Pinecrest Development
March 18, 2015
A significant amount of information has been shared throughout the Orange Schools communities regarding the tax increment financing (TIF) program as it relates to the Pinecrest development in Orange Village. We feel it is important for the community to understand exactly how this agreement affects the Orange Schools.
- For the past six months, the Orange City School District has done its due diligence on this matter. The District brought in its own legal counsel and financial experts to vet the proposal and negotiate with Village officials and Pinecrest developers to ensure the best possible deal for the schools.
- Orange Schools will receive annual payments in lieu of taxes (PILOT) from the Pinecrest developer in addition to the current yearly commercial and residential property tax collection.
- The second phase of the project is the residential portion, which will not be subject to the TIF agreement.
- The Orange Schools will also receive from the Village of Orange a total of 41.5% of the municipal income taxes generated from the new development after the first $500,000.
- The combination of the commercial and residential portions of the completed project calls for the Orange Schools to receive the equivalent of 2-3 mills, which would translate into $2-3 million in funds annually.
- We will post further details on our website once the agreement is finalized by Orange Village and the Orange Schools.
- More information on the TIF can be found on the Orange Village website.