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<br />réferrëd to as the '-'Ïrnprovement'; or «Improvements" as defined in said Section 5709.40) is a public
<br />purpose, and 100% of said Improvement is hereby declared to be a public purpose for a period of 30
<br />years and exempt ITom illation commencing with the tax year 2006 (collection year 2007) and
<br />ending on the earlier of (1) the date the Jmprovements have been exempted ITom illation for a
<br />period of 30 years or (2) the date on which the City has collected into the Fund established in
<br />Section 6 hereof a total amount of Service Payments available for and sufficient (i) to pay costs of
<br />the Public Jmprovements, (ii) to pay the principal, interest and premium, if any, on financing for
<br />such costs òf the Public Jmprovements, or (iü) to reimburse the City for other City funds used by the
<br />City to pay such costs or such principal, interest or premium, prior to receipt of Service Payments,
<br />all as further provided in Section 6 hereof
<br />
<br />SECTION 4 As provided in Section 570942 of the Revised Code, and, as to the
<br />Developer, as more specifically provided in the Agreement, the owner or owners of the
<br />Jmprovement are hereby required to, and shall make; anuual Service Payments to the County
<br />Treasurer on or before the final dates for payment of real property illes, which Service Payments
<br />shall be deposited in the municipal public improvement tax increment equivalent fund established in
<br />Section 8 hereof This Council hereby authorizes the Mayor, Finance Director and City Law
<br />Director, and other appropriate officers of the City, to provide such information and certifications,
<br />and execute and deliver or accept delivery of such instnunents, as are necessary and incidental to
<br />collect those Service Payments, and to make such arrangements as are necessary and proper for
<br />payment of said Service Payments, including, without limitation the provision for the payment of
<br />said Service Payments by the Developer pursuant to the Development Agreement.
<br />
<br />SECTION 5. The Mayor and the Director of Finance, alone or together, are hereby
<br />authorized, for and in the name of the City and on its behalf and on behalf of this Council, to
<br />execute the Development Agreement and the Construction Agency Agreement each by and
<br />between the City and the Developer in substantially the forms thereof now on file with the Clerk
<br />of Council, with such changes therein as are not inconsistent with this Ordinance and not
<br />substantially adverse to the City and which shall be approved by the officers executing those
<br />documents. The approval of changes to the Development Agreement and the Construction
<br />Agency Agreement, and that such changes are not substantially adverse to the City, shall be
<br />conclusively evidenced by the execution of such Agreements by the officer or officers of the
<br />City authorized to execute those documents
<br />
<br />SECTION 6. This Council hereby finds and determines that in order to acquire, construct
<br />and finance the Public Improvements, it will be necessary for the City to acquire an interest in
<br />the real property on which such Public Jmprovements will be located, and the Mayor and the
<br />Director of Finance, alone or together, are hereby authorized, for and in the name of the City and
<br />on its behalf and on behalf of this Council, to acquire an interest in the real property described in
<br />Exhibit C attached hereto, such real property interest to be the form of a leasehold interest or an
<br />easement, as detennined by such officer or officers and as approved by the Director of Law
<br />
<br />SECTION 7. The Mayor and the Director of Finance, alone or together, are further
<br />authorized and directed to execute any certifications, financing statements, assignments,
<br />agreements, instruments and other documents as may be necessary, and to take such further
<br />actions, as are necessary or appropriate to effect the transactions contemplated in the
<br />Development Agreement and to consummate the transactions contemplated in this Ordinance
<br />and the Development Agreement and to urtdertake, complete and finance the public
<br />improvements in accordance therewith, as are not inconsistent with this Ordinance and not
<br />substantially adverse to the City and which shall be approved by the officers executing those
<br />documents. The approval of such documents, and that such documents are not substantially
<br />adverse to the City, shall be conclusively evidenced by the execution of those documents by
<br />those officers. This Council hereby determines, notwithstanding any provision of the Codified
<br />Ordinances of the City or the Ohio Revised Code to the contrary, that the construction contracts
<br />for the Public Improvements shall be competitively bid using the procèdures set forth in the
<br />Development Agreement, the fOlIDof which is now on file with the Clerk of Council and in
<br />Exhibit D attached hereto
<br />
<br />SECTION 8 This Council hereby establishes pursuant to and in accordance with the
<br />provisions of Section 570943 of the Ohio Revised Code, the Sloane Avenue Public Jmprovement
<br />Tax Increment Equivalent Fund (the ''Fund''), illto which shall be deposited all of the Service
<br />Payments distributed to the City with respect to the Jmprovements on the Property by or on behalf
<br />
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