In this era of smart growth cities have pretty much taken annexation off the table as an economic growth strategy which is good news for community relations but bad news for the bottom line. Face it, annexation is the public sector version of a hostile takeover and it was probably never good public policy anyways but if you won there’s no question that you saw an immediate growth in your tax base. Annexation came from an era with winners and losers and thankfully that era is behind us. Today its all about partnerships and collaborations. The Joint Economic Development Districts (JEDDs) are the public equivalent of a merger and I’m pleased to report Kent’s JEDDs are doing well.
The City of Kent has 2 JEDD’s, one with the Brimfield Township and one with the Franklin Township. The JEDD Boards, with representatives from the City and the Township, meet a couple of times a year to review the financial status of the JEDDs and discuss relevant development matters. We just had our Kent Franklin JEDD Board meeting and I wanted to share the financial report.
The Kent-Franklin JEDD has all kinds of income tax formulas and distribution requirements which you can get a flavor of on the spreadsheet below. The key number however is the one that shows nearly $300,000 new dollars to the City of Kent and $240,000 to the Franklin Township.