2023-132 Ordinance - Laserfiche WebLink

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Section 3. The TIF Ordinance is hereby amended, pursuant ORC 5709.51, to extend the exemption from taxation of improvements to the Property for a period of thirty (30) years from the end of the applicable exemption period for each parcel of the Property as determined by Section 2 of the TIF Ordinance, as amended by this Ordinance (the "Extension Period'. In connection therewith, Section 2 of the TIF Ordinance is hereby amended and restated to provide as follows: "Section 2. Pursuant to and in accordance with the provisions of Ohio Revised Code Section 5709.40, and in particular Section 5709.40(6), this Council hereby finds and determines that 1000% of the increase in the assessed value of the Property that would first appear on the tax list and duplicate of real property after the effective date of Ordinance No. 2012-72 (which increase in assessed value is hereinafter referred to as the "Improvement" or "Improvements" as defined in said Section 5709.40) is a public purpose, and 100% of said Improvement is hereby declared to be a public purpose and exempt from taxation for a period of 60 years, commencing with the tax year following the year in which Ordinance No. 2012- 72 was passed. The period of exemption for each parcel of the Property shall end on the date on which the City can no longer require service payments in lieu of taxes under Ohio Revised Code Sections 5709.40 and 5709.42, all in accordance with the requirements of said Sections 5709.40 and 5709.42; provided, however, that the Service Payments shall he paid to the North Olmsted City School District and the Polaris Joint Vocational School District in the amount of taxes that would have been payable to each of those School Districts if the Improvements had not been exempted from taxation." Section 4. Pursuant to ORC Section 5709.5 1 (A)(3), and in accordance with Section 2 of the TIF Ordinance, the County Treasurer shall pay directly to the School Districts from Service Payments, for each year of the Extension Period for each parcel of the Property, compensation equal in value to the amount of taxes that would be payable to the School Districts from that parcel if the Improvements to that parcel of the Property had not been exempted from taxation for the Extension Period. Section 5. Except w provided herein, all other provisions of the TIF Ordinance shall remain in full force and effect. City officials are further authorized to provide such information and to execute, certify or furnish such other documents, and to do all of the things m are necessary for and incidental to carrying out the provisions of this Ordinance. Section 6. The Clerk of Council is hereby directed to deliver a copy of this Ordinance to the Director of the Department of Development of the State of Ohio within fifteen days after its passage. Section 7. This Council finds and determines that all formal actions of this Council and any of its committees concerning and relating to the passage of this ordinance were taken in an open meeting of this Council or any of its committees, and that all deliberations of this Council and any of its committees that resulted in those formal actions were in meetings open to the public, all in compliance with the law including ORC 121.22.