Fairfield seeks to advance redevelopments through use of Community Investment Corporation

Kathman said “one of the biggest challenges” for the city council is prioritizing projects. The direction of the city council to the CIC could be to address quality of life, scourge elimination, job creation, marketing opportunities, or countless other types of priorities.

But replenishing CIC will allow the city to “determine its destiny” through the help of CIC since this corporation can control properties, act on those properties more quickly and be prepared when future opportunities arise, Kathman said.

However, any action by CIC would require checks and balances from City Council. An example of real estate acquisition via CIC begins with an identified opportunity. City council, a city staff member, or the CIC board of directors could identify this possibility.

The project is then presented to the CIC Board of Directors, which Development Services proposes that it be composed of seven members. If CIC wishes to pursue, CIC would obtain call options. This would potentially cost a few thousand dollars, but this option will allow CIC to do its due diligence for 60 to 90 days.

The CIC would then present the opportunity to the city council, and that body could terminate the project with a denial of funds, or decide to proceed and issue money for the purchase by the CIC.

Kaelin said that after CIC purchases the property, a decision on the end use of the property must be made, such as selling it for redevelopment.

“The city will be heavily involved in this,” Kaelin said.

Fairfield has seen a lot of development and redevelopment over the past 12 months. Three major projects have been announced in 2021, which equates to an investment of over $245 million in the city with several hundred new jobs promised.

Then, nine speculative industrial construction projects were announced or launched in 2021, which equates to an investment of more than $175 million that could create hundreds of new jobs.

The city has laid “a good foundation” for its broader redevelopment strategy, Kathman said, including creating new tax increment funding districts, or TIFs, and a new Transformative Economic Development Fund, or TED Fund. , which will contribute to the redevelopment efforts.

The city has also become a member of the Butler County Land Preserve in recent years, and its first project was the demolition of the old Head Shed Salon, the removal of which will make way for a future road widening project in Ohio. 4 and Seward Road ― which is required due to the expansion of businesses along Seward Road.

Jill E. Washington