Label
Extension of Jeep TIF
Economic Development/Law
B. Sehlhorst (x1692)/E. Granata (x-1034)
Title
Extending the term of the exemption from taxation of improvements as provided for and authorized under Ordinance 1233-98, and as permitted by Ohio Revised Code Section 5709.51 and compatible with the provisions of Ordinance 1233-98, for an additional period of thirty (30) years; amending Section 2 of Ordinance 1233.98; requiring compensation from service payments be made to the School District equal to what would have been payable if the improvement were not exempted for the additional period; authorizing the Mayor to take any actions necessary to effectuate the extension of the exemption for the additional period; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Ordinance 1233.98, enacted December 10, 1998, provided for tax increment financing exemptions for Improvements to specified property as included in the Stickney Urban Renewal Plan adopted by Council under Ordinance 994-98 for the purpose of retaining and expanding employment, facilitating investment in new production capacity at the site, facilitating additional private sector investment and supporting public improvements that benefit the site parcels. The Ordinance provided for the owner to make service payment in lieu of taxes to the County Treasurer for a term of 30 years, which distribution from the Treasurer to the City is to be deposited into the Municipal Public Improvement Tax Increment Equivalent Fund and used to pay the direct and indirect costs of public improvements authorized under the Ordinance ("Public Improvements'") and paid or incurred by the City, including but not limited to interest and principal on City bonds or notes or state or federal loans used to finance Public Improvements.
Ohio Revised Code ?5709.51 as amended as of October, 23, 2023 authorizes the legislative authority of a municipal corporation to extend a certain TIF exemptions made pursuant to R.C. 5709.40(B),...
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