8963-17 Amend Rockport Square Project Tax Financing Agreement with LCSD

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WHEREAS, the City made a payment of $40,569.52 for tax year 2015 which was returned by the School District to the City. WHEREAS, the School District has requested that the City pay the difference between the actual amount paid by the City and the corrected amount through tax year 2015 of $510,314.68 (including the payment of $40,569.52 returned by the School District to the City), the parties have entered negotiations over this request, and the City and School District wish to enter into this First Amended Agreement in order to resolve these claims under negotiation. WHEREAS, the City owes payments to the School District of $171,574.43 for tax year 2016 for payment in 2017. WHEREAS, after accounting for the tax year 2016 payments, the School District has requested that the City make a total payment to the School District of $681,889.11 for tax year 2004 through 2016. NOW, THEREFORE, in order to resolve these claims under negotiation, the parties agree as follows: The City will make a payment of $290,000 by January 31, 2018 or within five business days of the approval of the First Amendment Agreement by the School District, whichever is later. 2. The Repayment of the agreed -upon balance of $391,889.11 is to be addressed in an amended Section 2 of the First Amendment Agreement, as follows: Section 2. Disposition of Service Payments. Under the terms of the TIF Ordinance, Service Payments are to be deposited upon receipt by the City in the "Detroit Avenue /Rockport Square Public Improvement Tax Increment Equivalent Fund" (the "Fund "), created in accordance with Section 5709.43 of the Ohio Revised Code. Following their deposit in the Fund and not later than July 31 and December 1 of each year, commencing with the year in which Service Payments are first received by the City, the City shall cause the amounts then on deposit in the Fund to be applied, to the extent available, in the following order of priority: (a) First, to the School District, Property Taxes that would have been received by the School District, in the absence of the TIF Exemption, from the levy of the millage approved by the voters at the March 2, 2004 bond election, and any additional, non - renewal millage approved by the voters after that date, including the non - renewal portion of any replacement levy. (b) Second, any trustee for the Bonds (or in the absence of such a trustee, to the holders of the Bonds as their respective interests may appear) in the amount of all Debt Service then due or coming due within the following six months.