2000 028 Ordinance - Laserfiche WebLink

Home Browse Search

Ordinance"), to declare that 100% of the increase in assessed value of the Property and the individual parcels thereof that will result from the construction of the Company Project 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 Governor's Village Municipal Public Improvement Tax Increment Equivalent Fund to be established pursuant to the TIF Ordinance and from such other available funds (if any) as is provided in the TIF Ordinance; and WHEREAS, in order to provide for the collection of such payments in lieu of ta<Yes 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 the Public Improvements, the parties hereto agree as follows: Section 1. Construction of the Project. The Company hereby covenants and agrees to construct on the Property the Company Project described in Exhibit B attached hereto, and agrees to commence such construction of the Company Project within six (6) months after the date of this Agreement and to complete the Company Project within forty-eight (48) months after such commencement of construction. Section 2. Covenant to Make Payments in Lieu of Taxes With Respect to Property. For the period or periods that all or part of the "Improvements" with respect to the Properly ("Improvements" shall have the meaning as defined in Ohio Revised Code Section -~-