2007 025 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 2007-25 INTRODUCED BY: Mayor Rinker and Council as a Whole AN ORDINANCE DECLARING IMPROVEMENTS TO CERTAIN PARCELS OF REAL PROPERTY TO BE A PUBLIC PURPOSE, DESCRIBING THE PUBLIC IMPROVEMENTS TO BE MADE TO DIRECTLY BENEFIT SUCH PARCELS, REQUIRING THE OWNERS OF THE IMPROVEMENTS THEREON TO MAKE SERVICE PAYMENTS IN LIEU OF TAXES, AUTHORIZING AN AGREEMENT WITH 700 BETA DRIVE, L.L.C., AN OHIO LIMITED LIABILITY CORPORATION, ESTABLISHING A MUNICIPAL PUBLIC IMPROVEMENT TAX INCREMENT EQUIVALENT FUND FOR THE DEPOSIT OF SUCH SERVICE PAYMENTS, AND RELATED AUTHORIZATIONS PURSUANT TO OHIO REVISED CODE SECTIONS 5709.40, 5709.42 AND 5709.43; AND DECLARING AN EMERGENCY. WHEREAS, Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43 provide that this Council may describe public improvements to be made which directly benefit certain parcels, declare Improvements (as defined in O.R.C. Section 5709.40) with respect to such parcels of real property located in the Village to be a public purpose, thereby authorizing the exemption of those Improvements from real property taxation for a period of time, and provide for the making of service payments in lieu of taxes by the owners of such parcels, and establish a municipal public improvement tax increment equivalent fund into which such service payments shall be deposited; and WHEREAS, 700 Beta Drive, L.L.C., (the "Company"), intends undertake a public project to expand the existing building located on the parcel described in Exhibit A hereto (the "Property") with office building improvements and the construction of a hotel and conference center as described in Exhibit B; and in furtherance of said development, the Village may make the public improvements described in Exhibit C attached hereto (the "Public Improvements") that once made will directly benefit the Property; and WHEREAS, the Village has determined that it is necessary and appropriate and in the best interests of the Village to provide for service payments in lieu of taxes with respect to the Property pursuant to Section 5709.42 of the Ohio Revised Code, and to authorize an agreement with the Company in connection therewith; and WHEREAS, the Mayfield City School District ("School District") has been notified of the exemption provided for herein pursuant to Ohio Revised Code Section 5709.83 and this Ordinance provides for the payment to the School District of payments in lieu of taxes in the amount of the taxes that would have been payable to the School District if the Improvements had not been exempted from taxation;