2024-058 Ordinance - Laserfiche WebLink

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• SECTION 1: This Council hereby: (i) adopts the Economic Development Plan for the Incentive District now on file with the Clerk of Council, (ii) accepts and adopts the City Engineer's certification to this Council and the City Engineer's findings set forth therein (a) that the public infrastructure serving the Incentive Incentive District is inadequate to meet the development needs of the Incentive District as evidenced by the Economic Development Plan and (b) that the Incentive District is less than 300 acres in size and enclosed by a contiguous boundary, (iii) finds and determines that the Project will place additional demand on the Public Infrastructure Improvements, (iv) finds and determines that the City sent written notice of the public hearing regarding this ordinance by first class mail to each owner of real property within the proposed Incentive District at least 30 days prior to such hearing, which notice included a map of the proposed Incentive District as well as the overlay area required by ORC Section 5709.40(C)(2), (v) finds and determines that this Council has not received a request from the owner of any real property within the proposed Incentive District to exclude that owner's property from the Incentive District, and (vi) finds and determines that notice of this ordinance has been delivered to the Board of Education of the North Olmsted City School District and the Board of Education of the Polaris Career Center in accordance with and within the time periods prescribed in ORC Sections 5709.40 and 5709.83. This Council further finds that the sum of the taxable value of real property in the Incentive District for tax year 2023 and the taxable value of all real property in the City that would have been taxable in tax year 2023 were it not for the fact that the property was in an existing incentive district and therefore exempt from taxation, does not exceed twenty-five percent of the taxable value of real property within the City for tax yea 2023. Pursuant to the TIF Act, this Council creates the Incentive District, the boundaries of • which are coextensive with the boundaries of, and include, the Parcels specifically identified and depicted in Exhibit A attached hereto. SECTION 2: This Council designates the following public infrastructure improvements, together with any public infrastructure improvements hereafter designated by ordinance, as public infrastructure improvements made, to be made or in the process of being made by the City that benefit or serve, or that once made will benefit or serve, the Parcels in the Incentive District (the "Public Infrastructure Improvements"): roadway improvements (including, without limitation, construction of roadway improvements, easements and traffic control signalization devices), water system improvements, sanitary sewer improvements, storm drainage improvements, pedestrian sidewalks and bike paths, street lights, parks and recreation facilities, and all appurtenances thereto, together with any other "public infrastructure improvements" within the meaning of ORC Section 5709.40(A)(8) hereafter designated by Council. The costs of the improvements include but are not limited to, those costs listed in ORC Section 133.15(B). SECTION 3: The life of the incentive district commences with the first year in which at least [$1,000,0001 (market value) of building improvements first appear on the tax list and duplicate and ending on the earlier of (a) 10 years after such commencement or (b) the date on which the City can no longer require service payments in lieu of taxes, all in accordance with the requirements of the TIF Act (the "Incentive District Life"). Pursuant to and in accordance with the provisions of ORC Section 5709.40(C), this Council hereby declares that the increase in assessed value of each Parcel subsequent to the • effective date of this ordinance (which increase in assessed value is hereinafter referred to as the