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YOUNGSTOWN, Ohio (WKBN)— A Tax Increment Financing agreement was approved on Thursday by Mahoning County Commissioners for Penn National Gaming and the racino that is being built in Austintown.
The agreement that was proposed last week will use 50 percent of the racino’s property taxes for infrastructure improvements along the Meridian Road corridor.
About $6.5 million will be generated from the TIF. With the potential for matching dollars from the state, that dollar amount could grow to $30 million. The majority of the money will be used for sewer improvements, but some could be used to develop the rest of the corridor.
Hollywood Gaming at Mahoning Valley Racecourse is expected to open next year.