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• CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2024 - 58 <br />BY: Mayor Jones <br />AN ORDINANCE CREATING THE FOREST COMMONS TAX <br />INCREMENT FINANCING INCENTIVE DISTRICT; DECLARING <br />IMPROVEMENTS TO THE PARCELS WITHIN THE INCENTIVE <br />DISTRICT TO BE A PUBLIC PURPOSE AND EXEMPT FROM REAL <br />PROPERTY TAXATION, • REQUIRING THE OWNERS OF THOSE <br />PARCELS TO MAKE SERVICE PAYMENTS IN LIEU OF TAXES; <br />ESTABLISHING A MUNICIPAL PUBLIC IMPROVEMENT TAX <br />INCREMENT EQUIVALENT FUND FOR THE DEPOSIT OF THOSE <br />SERVICE PAYMENTS, SPECIFYING THE PUBLIC INFRASTRUCTURE <br />IMPROVEMENTS THAT BENEFIT OR SERVE PARCELS IN THE <br />INCENTIVE DISTRICT,• AND DECLARING AN EMERGENCY. <br />WHEREAS, this Council desires to facilitate the development of a residential subdivision <br />with approximately 50 units of for -sale housing within the City in order to increase available <br />housing options within the City (the "Project"); and <br />WHEREAS, in order to develop the Project, it is necessary to construct certain public <br />• infrastructure improvements; and <br />WHEREAS, this Council, pursuant to ORC Sections 5709.40, 5709.42 and 5709.43 <br />(collectively, the "TIF Act"), is authorized to declare improvements to real property to be a <br />public purpose, exempt those improvements from real property taxation, and require owners of <br />the real property to make service payments in lieu of taxes in an amount equal to such exempted <br />taxes; and <br />WHEREAS, to facilitate the development of the Project and pay the associated costs of <br />the necessary public infrastructure improvements from service payments in lieu of taxes, this <br />Council bas determined to create the Forest Commons Incentive District (the "Incentive <br />District") pursuant to the TIF Act, the boundaries of which shall be coextensive with the <br />boundaries of, and will include, the parcels of real property within the Incentive District <br />specifically identified and depicted in Exhibit A attached hereto (as currently or subsequently <br />configured, the "Parcels", with each of those parcels referred to herein individually as a <br />"Parcel"); and <br />WHEREAS, the School District has been notified of this Ordinance consistent with Ohio <br />Revised Code Sections 5709.40 and 5709.83; and <br />NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF <br />NORTH OLMSTED, COUNTY OF CUYAHOGA, AND STATE OF OHIO: <br />0 <br />