Laserfiche WebLink
<br />TAX INCREMENT FINANCING AGREEMENT <br />Phil Yedda & Sons, Inc. Project Site <br /> <br />This Tax Increment Financing Agreement (this "Agreement"), is made and entered into às of <br />, 2004, by and between the CITY OF LAKEWOOD, OIDO (the "City"), a <br />municipal corporation organized and existing under the constitution and laws of the State of' <br />Ohio and PHIL YEDDA & SONS, INC., an Ohio corporation, with its principal office located at <br />11730 Detroit Avenue, Ohio ("Developer"). <br /> <br />Recitals: <br /> <br />A. Pursuant to Ordinance No. _, passed , 2004 (the "TIP <br />Ordinance"), the Council of the City of Lakewood declared that the increase in the assessed <br />value of the real property located at 12000 Berea Road, in the City of Lakewood, Ohio and <br />known as permanent parcel no. 315-25-007 (the "Project Site") that would first appear on the tax <br />list and duplicate of real and public utility property after the effective date of the TIP Ordinance <br />were it not for the exemption provided therein (the "Improvements") are for a public purpose for <br />the purposes of Sections 5709.40(b) and 5709.42 of the Ohio Revised Code (the "Act") and that <br />100% of the Improvements are exempt from real property taxation for a period of twenty-five <br />(25) years. <br /> <br />B Developer has agreed to make service payments, together with all interest <br />and penalties thereon for non-payment of such service payments (collectively, the "Service <br />Payments") for a period of twenty-five (25) years in lieu of said exempt taxes, and the Service <br />Payments shall be in an amount equal to the taxes that would have been paid had the <br />Improvements not been exempt from taxation. <br /> <br />C. The TIP Ordinance authorizes proceeds from the Service Payments to be <br />used to pay a portion of the costs of, or to pay the principal (whether at maturity or by prior <br />redemption) of, and interest on bonds (the "Bonds") to be issued by the City, pursuant to <br />additional, appropriate legislation of the Council, to pay a portion of the costs of construction of <br />site preparation, as described in Exhibit C, including excavation and grading Geopier soil <br />reinforcement, or equivalent method, Geogrid fabric installation, or equivalent method, hauling <br />and placing on site of engineered fill, reinforcement of the building slab, all other site work <br />related to such site preparation and all related soft costs (the "Public Improvements") and other <br />costs and expenses, if any, attributable to the sale of the Bonds, inclusive of attorneys' fees, <br />appraisals and other similar fees, and the City intends to use a portion of the Service Payments to <br />provide for payment of such costs as may be permitted by the TIP Ordinance. <br /> <br />D The City has notified the Board of Education of the Lakewood City <br />School District (the "District") pursuant to Sections 5709.40 and 5709.83 of the Ohio Revised <br />Code that the City proposes to enter into this Agreement. <br /> <br />E. The parties desire to enter into this Agreement on the terms as hereinafter <br />provided to provide for the collection of the service Payments and to enable the City to pay for <br />the Public Improvements. <br />