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CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2023 - 97 <br />BY: Mayor Dailey Jones <br />AN ORDINANCE DECLARING IMPROVEMENTS <br />TO CERTAIN PARCELS OF REAL PROPERTY IN <br />THE BROOKPARK ROAD TIF DISTRICT BE A <br />PUBLIC PURPOSE AND EXEMPT FROM <br />TAXATION, DESCRIBING THE PUBLIC <br />IMPROVEMENTS TO BE MADE TO DIRECTLY <br />BENEFIT SUCH PARCELS, REQUIRING THE <br />OWNERS OF THE IMPROVEMENTS ON SUCH <br />PARCELS TO MAKE SERVICE PAYMENTS IN <br />LIEU OF TAXES PURSUANT TO OHIO REVISED <br />CODE SECTIONS 5709.40, 5709.42 AND 5709.43; <br />AND PROVIDING FOR THE DISTRIBUTION OF <br />THOSE SERVICE PAYMENTS, AS AMENDED. <br />WHEREAS, Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43 (the "TIF Act") <br />provide that this Council may declare Improvements (as defined in Ohio Revised Code Section <br />5709.40) with respect to such parcels of real property located in the City to be a public purpose, <br />thereby authorizing the exemption of those Improvements from real property taxation for a <br />period of time, provide for the making of service payments in lieu of taxes by the owner of such <br />parcels, and specify public infrastructure improvements made, to be made or in the process of <br />being made that directly benefit, or that once made will directly benefit those parcels; and <br />WHEREAS, the North Olmsted City School District and the Polaris Joint Vocational <br />School District have been notified of this Ordinance consistent with Ohio Revised Code Sections <br />5709.40 and 5709.83; <br />NOW, THEREFORE, BE IT ORDAINED by the Council of the City of North Olmsted, <br />Cuyahoga County, Ohio, that: <br />Section 1. The real property subject to this ordinance is identified and depicted on <br />Exhibit A to this ordinance (as currently or subsequently configured, the "Parcels", with each <br />individual parcel a "Parcel'). <br />Section 2. This Council hereby designates the public infrastructure improvements described <br />in Exhibit B to this ordinance (the "Public Infrastructure Improvements") and any other public <br />infrastructure improvements hereafter designated by ordinance as public infrastructure <br />improvements made, to be made or in the process of being made by the City that directly benefit, or <br />that once made will directly benefit, the Parcels. <br />Section 3. This Council hereby finds and determines that one hundred percent (100%) of <br />the increase in assessed value of each Parcel subsequent to the effective date of this ordinance <br />