1998 032 Ordinance - Laserfiche WebLink

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~~ ORDINANCE N0.98- 32 INTRODUCED BY: Mayor Rinker and Council as a Whole AN ORDINANCE DECLARING IlVIPROVEMENTS TO CERTAIN PARCELS OF REAL PROPERTY TO BE A PUBLIC PURPOSE, DESCRIBING THE PUBLIC IMPROVEMENTS TO BE MADE TO BENEFIT SUCH PARCELS, REQUIRING THE OWNERS OF THE IMPROVEMENTS THEREON TO MAKE SERVICE PAYMENTS IN LIEU OF TAXES, AUTHORIZING AN AGREEMENT WITH PROGRESSIVE CASUALTY INSURANCE COMPANY AND PROGRESSIVE RESOURCE SERVICES COMPANY, ESTABLISHING A MUNICIPAL PUBLIC INII'ROVEMENT 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 (the "Act") provide that this Council may describe public improvements to be made which 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, Progressive Casualty Insurance Company ("PCIC") and Progressive Resource Services Company ("PRSC", and together "Progressive"), intend to develop the parcels described in Exhibit A hereto (said parcels are referred to herein as the "Property") with office building improvements; and in furtherance of said development, the Village intends to make the public improvements described in Exhibit B attached hereto (the "Public Improvements") that once made will 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 Progressive in connection therewith; and WHEREAS, the Mayfield City School District ("School District")~ has been notified of the exemption provided for herein pursuant to O.R.C. 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 Library: Cleveland; Document#: 50091v4