Chapter 100 Bonds could be used in Chillicothe as an incentive to construct housing developments. City Attorney Robert Cowherd says the Chapter 100 bonds allow a tax break on property taxes.
The property is deeded to the city and leased back to the developer.
Cowherd says this helps the developer as they develop the land.
The cost of roads and utilities are expensive.
There are a couple of possible developments that could consider the use of Chapter 100 Bonds.
Cowherd says the tax abatement could be for 10 or even 20 years, and the abatement is transferred with the property, so if the land is developed and lots are sold, the abatement goes to the new lot owner for the remainder of the period.