Label
Maumee-Monclova-Toledo JEDZ Amendment
Department of Economic Development
Brandon Sehlhorst (x1692)
Revised
Title
Authorizing the Mayor to enter into an amended Joint Economic Development Zone Contract between the City of Toledo, City of Maumee, and the Board of Trustees of Monclova Township; authorizing the use and remittance of an amount not to exceed $210,000 from the City of Toledo’s distributable share of certain Joint Economic Development Zone income tax proceeds for the City’s contribution to the Riverfort Drive Roadway and Utility Extension Project; authorizing the Mayor and other appropriate City officials to execute and deliver such agreements, instruments, and documents necessary to effectuate said financial structure; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The City of Toledo, City of Maumee, and Board of Trustees of Monclova Township are parties to a Joint Economic Development Zone (“JEDZ”) Contract that provides for the collection and distribution of income tax revenues generated within the JEDZ.
The participating jurisdictions desire to amend the JEDZ Contract to establish a funding mechanism to support the Riverfort Drive Roadway and Utility Extension Project. Under the proposed Amendment, a portion of the City of Toledo’s distributable share of JEDZ income tax proceeds generated from certain parcels identified in the Amendment would be withheld and remitted to Monclova Township as the City’s contribution toward the project.
This Ordinance authorizes the Amendment and the use and remittance of an amount not to exceed $210,000 from the City’s applicable share of JEDZ income tax proceeds. The Ordinance further authorizes the JEDZ tax administrator to withhold and remit such amounts directly to Monclova Township prior to distribution to the City and authorizes appropriate City officials to execute the documents necessary to implement the contemplated financial structure.
Summary
NOW THEREFORE Be it ordained by the Council of the City of Toledo:
SECTION 1. That the Mayor is authorized to enter into an amended Joint Economic Zone Contract between the City of Toledo, the City of Maumee, and the Board of Trustees of Monclova Township for the purpose of establishing the collection, withholding, remittance, and administration of certain JEDZ income tax proceeds in connection with the Riverfort Drive Roadway and Utility Extension Project.
SECTION 2. That an amount not to exceed $210,000 of City of Toledo’s distributable share of JEDZ income tax proceeds generated from the parcels identified in the Amendment is authorized to be used and remitted to Monclova Township as the City of Toledo’s contribution toward the Riverfort Drive Roadway and Utility Extension Project, subject to the terms and conditions of the Amendment.
SECTION 3. That the JEDZ tax administrator is authorized, prior to distribution to the City of Toledo of its applicable share of JEDZ income tax proceeds, to withhold and remit to Monclova Township the amounts authorized pursuant to Section 2 as the City of Toledo’s contribution toward the Riverfort Roadway and Utility Extension Project, subject to the limitations authorized by this Ordinance and the terms of the Amendment.
SECTION 4. That the Mayor, Director of Finance, and other appropriate City officials are authorized to execute and deliver such agreements, certificates, instruments, amendments, and other documents and to take such actions as may be necessary or appropriate to implement the Second Amendment and the financial structure authorized by this Ordinance, provided that such documents and actions are consistent with the substantive terms authorized herein.
SECTION 5. That this Ordinance is declared to be an emergency measure necessary for the immediate preservation of the public peace, health, safety, and property, and for the further reason that the timely execution of the Amendment is necessary to establish the participating jurisdictions’ funding commitments and advance the Riverfort Drive Roadway and Utility Extension Project; wherefore, this Ordinance shall be in force and effect immediately upon its passage or at the earliest time allowed by law.
Vote on emergency clause: yeas _____, nays _____.
Passed: _________________, as an emergency measure: yeas _____, nays _____.
Attest: ________________________ __________________________________
Clerk of Council President of Council
Approved: _____________________ __________________________________
Mayor
I hereby certify that the above is a true and correct copy of an Ordinance passed by Council ________________________.
Attest: ________________________
Clerk of Council