S.B. No. 120 Summary

• Allows municipal corporations, townships, and counties to designate up to 10% of tax increment financing (TIF) service payments for use by land banks, land reutilization programs, and qualifying nonprofit organizations focused on economic development.

• Creates separate "land reutilization TIF funds" within municipal, township, and county treasuries to receive and manage these designated service payments exclusively for economic development purposes.

• Applies to TIF ordinances and resolutions adopted under sections 5709.40, 5709.41, 5709.73, and 5709.78 of the Ohio Revised Code for both municipal corporations, townships, and counties.

• Requires that municipalities, townships, and counties that are electing subdivisions, have qualifying nonprofit organizations operating exclusively within them, or have established county land reutilization corporations be able to make these designations.

• Repeals and replaces existing sections 5709.40, 5709.41, 5709.43, 5709.73, 5709.75, 5709.77, 5709.78, and 5709.80 of the Revised Code to implement the new land bank funding provisions.