Board brought suit over tax incentive
CRESCENT SPRINGS -- Crescent Springs Council on Thursday unanimously passed an ordinance that requires Bear Creek Capital, the Cincinnati-based developer of the $56 million Buttermilk Towne Center, to pay Kenton County School District about $500,000.
"It's a win-win for everybody," said Mayor Jim Collett. "The school board gets some revenue and Bear Creek gets some tax incentives that may not be as great as originally anticipated but helps them keep everything moving forward."
The ordinance comes after a November agreement between the city, the school district and Bear Creek, which opened the shopping center in 2006.
The agreement states that in lieu of taxes, Bear Creek will make a payment to the school district of $367,878 for the years 2005, 2006 and 2007, plus $144,403 for 2008...
This from the Cincinnati Enquirer.
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