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 ...
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