07-2022 TIF for W. 117th Phantasy/Mack Buildings

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Treasurer (the "County Treasurer") on or before the final dates for payment of real property taxes. Each such payment (including interest and penalties) shall be charged and collected in the same manner and in the same amount as the real property taxes that would have been charged and payable against the Improvement if it were not exempt from taxation (with the payments in lieu of tax, including any penalties and interest, being the "Service Payments"). The County Treasurer shall remit all Service Payments to the City for deposit in the Studio West Urban Redevelopment Tax Increment Equivalent Fund (the "Fund") established in Section 3 hereof, except for amounts paid directly to the School District as provided in Section 4 hereof. This Council hereby authorizes the Mayor or other appropriate officers of the City to provide such information 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 the Service Payments. Any late payments shall be subject to penalty and bear interest at the then current rate established under R.C. Sections 323.121 and 5703.47, as may be amended from time to time, or any successor provisions thereto, as the same may be amended from time to time. The Service Payments, and any other payments in connection with the Improvement which are received by the City in connection with any reduction required by R.C. Section 319.302, as the same many be amended from time to time, or any successor provisions thereto as the same may be amended from time to time (the "Property Tax Rollback Payments"), shall be allocated and deposited in accordance with Sections 3 and 4 of this Ordinance. Section 3. This Council hereby establishes the Fund, pursuant to and in accordance with the provisions of R.C. Section 5709.43, into which shall be deposited all of the Service Payments and Property Tax Rollback Payments distributed to the City with respect to the Improvement to Parcels of the Property by or on behalf of the County Treasurer, as provided in R.C. Section 5709.42, except for amounts paid directly to the School District as provided in Section 4 hereof, and hereby appropriates all of the moneys deposited in the Fund from time to time to pay any costs associated with the Developer Improvements, including, but not limited to, the "costs of permanent improvements" described in R.C. Section 133.15(B). The Fund shall remain in existence so long as Service Payments and Property Tax Rollback Payments are collected and used for the aforesaid purposes, subject to the limits set forth in Section 1 hereof, after which said Fund shall be dissolved in accordance with R.C. Section 5709.43(D). Upon dissolution, any incidental surplus money remaining in the Fund shall be transferred to the City general fund as provided in R.C. Section 5709.43(D). Section 4. The County Treasurer shall make semi-annual payments to the School District, solely from the Service Payments and Property Tax Rollback Payments deposited into the Fund, collectively in the amount equal to the property tax payments that the School District would otherwise have received from the Improvement had the Improvement not been exempted pursuant to this Ordinance. The County Treasurer shall remit all remaining Service Payments to the City for deposit in the Fund established in Section 3 hereof. Section 5. This Council hereby authorizes the Mayor or other appropriate officers of the City to take such actions as are necessary or appropriate to implement the transactions contemplated by this Ordinance, including the execution and delivery of the Service Payment Agreement and such other agreements and instruments as may be necessary to implement this Ordinance and the filing of 167279130