Summit County will retire roughly $2 million of tax increment financing bonds 10 years early since tax collections have exceeded annual debt service, County Executive Russell Pry said Monday in his first state of the county address. He spoke at the Akron Press Club in Akron, the state capital, which is located in the county.

“Due to the county of Summit’s involvement in this project, a total of $564,000 in annual new tax revenues will be put back into our community 10 years early,” Pry told reporters during his address. “This is a prime example of the benefits community and economic development programs can bring to our community.”

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