2004 042 Ordinance - Laserfiche WebLink

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WHEREAS, in connection with financing the Public Improvements the Village has determined that it is necessary and in the best interests of the Village to provide for the making of service payments in lieu of taxes by the Company and its successors and assigns with respect to the Property, pursuant to and in accordance with Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43 (the "Act"); and the Village intends to pass an ordinance pursuant to the Act (the "TIF Ordinance"), to declare that 100% of the increase in assessed value of the Property and the individual parcels thereof that will result from the improvements on the property is a public purpose and will be exempt from real property taxation commencing on the effective date of such TIF Ordinance and ending on the earlier of the date on which the "Improvements" as defined in O.R.C. Section 5709.40 have been exempted for 30 years or on the date on which the Village has paid those costs of, and principal of and interest on all financing for, the Public Improvements from money deposited in the Beta Drive Municipal Public Improvement Tax Increment Equivalent Fund to be established pursuant to the TIF Ordinance; and WHEREAS, in order to provide for the collection of such payments in lieu of taxes and to enable the Public Improvements to be carried out, the parties desire to enter into this Agreement on the terms as hereinafter provided; NOW, THEREFORE, in consideration of the premises and covenants contained herein, and to induce the. Village to proceed with the construction of all or a portion of the Public Improvements, the parties hereto agree as follows: Page 2 of 14