47-04 Incentive Dist. - Rockport

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SECTION 1 This Council hereby creates the Detroit A venuelRockport Square Incentive District for the area described on Exhibit B, which constitutes an Incentive District as defmed in Revised Code Section 5709.40 SECTION 2. This Council concurs with the findings of the Planning Director pursuant to Ohio Revised Code Section 5709.40(A)(5)(a), that at least fifty-one percent of the residents of the Incentive District have incomes ofless than eighty percent of the median income of residents of the City, as determined ill the same manner specified under Section 119(b) of the "Housing and Community Development Act of 1974," 88 Stat. 633,42 U.S C. 5318, as amended; and pursuant to Ohio Revised Code Section 570940 (A)(5)(c) that at least twenty percent (20%) of the people resicling in the district live at or below poverty level as defined in the federal Housing and Community Development Act of 1974 U S"C 5301, as amended, and regulations adopted pursuant to that act. SECTION 3 The Public Improvements described in Exhibit C hereto are hereby designated as those Public Improvements that benefit or serve, or that once made will benefit or serve, the parce1s in the Incentive District. This Council hereby confÏnns that the Public Improvements are necessary for the public health, safety and we1fare, SECTION 4. Pursuant to and in accordance with the provisions of Ohio Revised Code Section 5709.40, this Council hereby finds and detennines that 100% of the increase in the assessed value of the Property that would fIrst appear on the tax list and duplicate of real and public utility property after the effective date of this Ordinance (which increase ill assessed value is herein referred to as the "Improvement" or "Improvements" as defined in said Section 5709.40) is a public purpose, and 100% of said Improvement is hereby declared to be a public purpose for a period of 30 years and exempt ITom taxation commencing with the tax year in which the Improvements first appear on the tax list and -duplicate of real and public utility property after the effective date of this Ordinance and ending on the earlier of (I) the date the Improvements have been exempted from taxation for a period öf 30 years or (2) the date on which the City has collected into the Fund established in Section 5 hereof a total amount of Service Payments available for and sufficient (i) to pay costs of the Public Improvements, (ii) to pay the principal, interest and premium, if any, on financing for such costs of the Public Improvements, or (iii) to reimburse the City for other City funds used by the City to pay such costs or such principal, interest or premium, prior to receipt of Service Payments, all as further provided in Section 6 hereof; provided, however, that as to any property for which real property tax abatement is granted by an Ordinance passed pursuant to Section 373566 of the Ohio Revised Code, such exemption shall apply to the effective real property taxes payable after the abatement. SECTION 5 As provided in Section ~}09.42 of the Revised Code, and, as to the Developer, as more specifically provided in the Agreement, the owner or owners of the Improvement are hereby required to, and shall make, annual Service Payments to the CoUnty Treasurer on or before the fmal dates for payment of real property taxes, which Service Payments shall be deposited in the Municipal Public Improvement Tax Increment Equivalent Fund established in Section 5 hereof. TIris Council hereby authorizes the Mayor, Finance Director and City Law Director, and other appropriate officers of the City, to provide such infonnation and certifications, and execute and deliver or accept delivery of such instruments, as are necessary and incidental to collect those Service Payments, and to make such arrangements as are necessary and proper for payment of said Service Payments, including, without limitation the provision for the payment of said Service Payments by the Developer pursuant to the Development Agreement. SECTION 6, This Council hereby establishes pursuant t~ and in accordance with the provisions of Section 5709.43 of the Ohio Revised Code, the Detroit AvenueIRockport Square Public Improvement Tax Increment Equivalent Fund (the "Fund"), into which shall be deposited all of the Service Payments distributed to the City with respect to the Improvements on the Property by or on behalf of the County Treasurer as provided in Section 5709.42 of the Omo Revised Code, together with any associated rollback payments received by the City, and hereby provides that all of the moneys deposited i1:l the Fund shall be usèd for any or all of the following purposes: (i) to pay any and all acquisition, construction, installation, financing costs, and any and all other direct and indirect costs of the Public Improvements, including those costs set forth in Ohio Revised Code Section 133.15(B); (ii) to pay the interest on, principal of, and any premium on bonds or notes or other obligations, including refunding bonds or notes or other obligations, issued by the City to finance costs of the Public Improvements until such notes or bonds or other obligations are paid in full; and (iii) to reimburse the City for any funds used by the City to pay costs of the Public Improvements, or to pay interest, principal, or premium, on any of the aforesaid notes, bonds, loans or other obligations prior to receipt of Service Payments. No money in the fund will be used for the purpose of housing renovations. The Fund shall remain in existence so long as Service Payments are collected and used for the aforesaid purposes, after which said Fund shall be dissolved in accordance with said Section 5709,43. SECTION 7. Pursuant to Section 5709.40 of the Ohio Revised_ Code, the Clerk of Council is hereby directed to deliver a copy of this Ordinance to the Director of the Deparbnent of Development of the State of Ohio within fifteen days after its passage. On or before March 31 of each year that the exemption set forth in Section 2 hereof remains in effect, the Mayor or other authorized officer of this City shall prepare and submit to the Director of the Department of Development of the State ofObio the status report required under Section 5709 _40 of the Ohio Revised Code. Page 2 of 6