|
FIRST AMENDMENT TO AGREEMENT FOR
<br />ROCKPORT SQUARE REVITALIZATION PROJECT
<br />TAX INCREMENT FINANCING
<br />THIS FIRST AMENDMENT OF THE ROCKPORT SQUARE REVITALIZATION PROJECT TAX
<br />FINANCING AGREEMENT (the "First Amendment Agreement') is made and entered into as
<br />of , 201_ between the City of Lakewood, Ohio (the "City ") and
<br />the Board of Education of the Lakewood City School District (the "School District').
<br />WHEREAS, on or about May 10, 2004, the City and School District entered into
<br />an Agreement of the Rockport Square Revitalization Project.
<br />WHEREAS, in Section 2 of the Agreement, the City following deposit of Service
<br />Payments received by Cuyahoga County is to make a payment to the School District
<br />no later than March 1 and September 1 of each year, commencing with the year in
<br />which Service Payments are first received by the City, the Property Taxes that would
<br />have been received by the School District, in the absence of the TIF Exemption, from
<br />the levy of the millage approved by the voters at the March 2, 2004, bond election, and
<br />any additional, non - renewal millage approved by the voters after that date, including the
<br />non - renewal portion of any replacement levy.
<br />WHEREAS, the City has made payments to the School District for tax years
<br />2004 through tax year 2014 as set forth in the following table.
<br />TIF Revenue Adjustment Worksheet
<br />COLLECTION
<br />ACTUAL
<br />CORRECTED
<br />Tax Year
<br />YEAR
<br />AMOUNT
<br />AMOUNT
<br />DIFFERENCE
<br />2004
<br />2005
<br />0.00
<br />2005
<br />2006
<br />0.00
<br />2006
<br />2007
<br />(35,211.84)
<br />(35,204.01)
<br />(7.83)
<br />2007
<br />2008
<br />(35,156.05)
<br />(37,131.48)
<br />1,975.43
<br />2008
<br />2009
<br />(31,522.96)
<br />(35,349.22)
<br />3,82626
<br />2009
<br />2010
<br />(26,787.15)
<br />(32,144.59)
<br />5,357.43
<br />2010
<br />2011
<br />(28,877.16)
<br />(67,963.46)
<br />39,086.30
<br />2011
<br />2012
<br />(37,817.58)
<br />(92,696.51)
<br />54,878.93
<br />2012
<br />2013
<br />(40,861.23)
<br />(96,181.04)
<br />55,319.82
<br />2013
<br />2014
<br />(41,347.53)
<br />(151,077.51)
<br />109,729,98
<br />2014
<br />2015
<br />(36,468.54)
<br />(133,250.43)
<br />96,781.89
<br />2015
<br />2016
<br />0.00
<br />(143,366.46)
<br />143,366.46
<br />2016
<br />2017
<br />314,050.05
<br />824,364.72
<br />510,314.68
<br />
|