Years of extensive planning by the recent Oberlin graduates heading the East College Street Project culminated recently when they secured the funds to break ground this coming fall.

The passage of the Tax Increment Finance ordinance by city council involves the city fronting the necessary money for the public aspects of the project with the expectation that the development will increase the property value, and hence the property taxes, of the area.

The developers, working collectively under the title of Sustainable Community Associates, would pay back the loan over a period of 20 years by giving the city payments in lieu of taxes.

One of the developers, Josh Rosen, OC ’00, expressed his satisfaction at the passage of the TIF, calling it a decision of common sense.

“We are pleased that the TIF passed both the school board and city council and that common investment sense reigned,” said Rosen.

Rosen also emphasized the benefits to the Oberlin Community as a result of the project.

“We hope to bring in businesses which keep local money in town and bring in visitors from out of town,” he said. The new development will include affordable housing, restaurants, offices and studio art spaces.

However, some people believe that far from promoting growth and bringing in money, the TIF is a liability to the town of Oberlin. Among the more skeptical is city council member Tony Mealy, who believes that the TIF is not an appropriate use of public money.

“[The developers] were given what amounts to a tax diversion away from the education of the youth in the community,” said Mealy. “[The TIF] diverts money from library and school systems throughout the county.”

Furthermore, Mealy is not convinced that the developers have the knowledge and skill required to make the project a success.

“We’re dealing with three students that graduated four years ago,” said Mealy, referring to Rosen, Ben Ezinga, OC ’00, and Naomi Sabel, OC ’01. “You need experience in developing this kind of project.”

Mealy, who would have voted against the measure had he been a member of council at the time of the vote, believes that the TIF “is an improper diversion of funds for a couple of college students.”

Despite dissenting voices, the developers are determined to make the project a reality, emphasizing that they will keep the city’s interests in mind.

“We are humbled by the faith the Oberlin community has shown in us,” said Rosen. “Hard work remains and we look forward to working with people on all sides of the TIF issue to make sure the project reflects Oberlin’s values and maximizes Oberlin’s vast potential.”