2003 043 Ordinance - Laserfiche WebLink

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Ordinance No. 2003-43 Page 2 Section 1. The Public Improvements described in Exhibit B hereto if made by the Village are hereby designated as those Public Improvements that directly benefit, or that once made will directly benefit, the Property. Section 2. Pursuant to and in accordance with the provisions of Ohio Revised Code Section 5709.40, this Council hereby finds and determines that 100% of the increase in the assessed value of the Property that would first appear on the tax list and duplicate of real and public utility property after the effective date of this Ordinance (which increase in assessed value is herein referred to as the "Improvement" as defined in said Section 5709.40) is a public purpose, and 100% of said Improvement is hereby declared to be a public purpose for a period of 30 years and exempt from taxation commencing with the tax year in which the Improvements first appear on the tax list and duplicate of real and public utility property after the effective da.te of this Ordinance and ending on the earlier of (1) the date the Improvements have been exempted from taxation for a period of 30 years or (2) the date on which the Village has collected into the Fund established in Section 4 hereof a total amount of payments in lieu of taxes available for and sufficient to pay those costs of the Public Improvements, or to pay the principal, interest and premium if any, on financing for such costs of the Public Improvements, or to reimburse the Village for other Village funds used by the Village to pay such costs or such principal, interest or premium, prior to receipt of service payments in lieu of taxes, as further provided in Section 4 hereof; provided, however, that payments in lieu of taxes provided for in Section 5709.42 of the Ohio Revised Code sha11 be paid to the School District in the amount of the taYes that would have been payable to the School District if the Improvements had not been exempted from taxation. Section 3. As provided in Section 5709.42 of the Revised Code, the owners of the Improvements aze hereby required to, and sha11 make, service payments in lieu of taxes to the County Treasurer on or before the final dates for payment of real property taxes. In accordance with Ohio Revised Code Section 5709.42, the County Treasurer sha11 distribute a portion of the service payrnents directly to the School District in an amount equal to the property tax payments the School District would have received from the portion of the Improvements exempted from taxation, had such Improvements not been exempted. The portion of the service payments distributed to the Village by the County Treasurer sha11 be deposited in the Municipal Public Improvement Tax Increment Equivalent Fund established by Section 4 hereof. The Mayor is hereby authorized to sign and deliver, in the name of and on behalf of the Village, the Tax Increment Financing Agreement between the Village and the Company (the "Agreement"), providing for, among other things, the payment of such service payments, in substantially the form as is now on file with the Clerk of Council, together with such changes as are consistent with this Ordinance and that aze approved by the Mayor, Director of Finance and Director of Law. This Council further hereby authorizes the Mayor, the Director of Law, the Director of Finance, and other appropriate officers of the Village, to provide such information and certifications, and execute and deliver or accept delivery of such instruments, as are necessary and incidental to carrying out the Agreement, and to make such arrangements as are necessary and proper for payment of said service payments in lieu of taxes.