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Regular Council Meeting <br />9/28/98 <br />Page 8 <br />Mr. Busa asked why this couldn't be placed on first reading. It is an important issue; a 60-page <br />document. He does not understand it and needs more time. He questioned why they are ramming it <br />through so fast; he thinks it is wrong. <br />Council President Fixler said we are fortunate to be put in this situation because typically speaking <br />you need to do this before you build a building and the building is already 5 stories up. We can't <br />wait or we will lose the opportunity. <br />Mr. Busa questioned if this is a different word for abatement. <br />Council President Fixler said no. He asked Mr. Brett to summarize the issue. Council President <br />Fixler said after Mr. Brett explains the issue he believes Mr. Busa will be able to make an intelligent <br />decision (for or against.) <br />Mr. Brett asked everyone to refer to Section 3 of Ordinance 98-32 and read a portion of that section. <br />The biggest arguments against an abatement are answered in that question. We put the school on <br />notice saying it is our intention that they not be harmed in any fashionby the TIF. What this does is <br />allow us to tap into revenues that would not otherwise be available to the Village and to earmark <br />those taxes for a specific purpose (which is the infrastructure in and around Progressive Casualty <br />Insurance.) Were they not to pay it, the people who would be paying it would be the taxpayers of <br />Mayfield Village. What we are doing is leveraging property tax dollars and holding the schools <br />harmless. He thinks they understand that. The school will not see any difference if the TIF were or <br />were not in place. <br />Progressive will not see any difference whether the TIF were in place or were not in place. The only <br />people that will see a difference is the Village of Mayfield and the taxpayers because we will be <br />securing taxes that we would not otherwise secure through this mechanism. This is why he has <br />worked on this for the past 6 months. <br />Mr. Busa asked why Progressive is being treated different in taxation than everyone else. <br />Mr. Brett and several members of Council said they are not. He said we will receive approximately <br />3 times what we would have received under a normal arrangement. Progressive will be paying the <br />same amount. There are no abatements on that site and the school will gain substantially for this. <br />Council President Fixler said it is coming from them and from an allocation from the County that we <br />wouldn't normally get. Most importantly, we get the dollars today instead of waiting a long period <br />of time. This doesn't cost Mayfield Village, the taxpayers or the school anything. <br />Mr. Busa asked why all of a sudden Progressive agreed to the TIF. <br />Council President Fixler explained that the TIF originally was going to require Progressive to put a <br />mortgage lien on their property; we were fortunate we could coordinate it without the lien. It will <br />help Mayfield Village build the road that they need. Council President Fixler said we would have <br />