Label
Amend Ord. 315-94 to extend TIF period
Development/Law
B. Sehlhorst (x1692) / E. Granata (x1020)
Revised
Title
Amending Ordinance No. 315-94 as amended by Ordinance Nos. 585-94 and 486-13, which declared improvements to the site of the Owens Corning World headquarters to be a public purpose and authorized the use of tax increment financing (TIF) under Ohio Revised Code Sections 5907.41, 5907.42 and 5709.43 with respect to improvements on the included property, to extend the time period of the TIF authorized thereunder as permitted under Ohio Revised Code Section 5709.511; authorizing amendments to the Tax Increment Service Agreement between the City of Toledo, Toledo Lucas County Port Authority and Owens Corning dated March 1, 1995, as amended, and the execution of other necessary documents; requiring a compensation agreement with Toledo Public Schools; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Consistent with a blight declaration and the Urban Redevelopment Plan for the Middlegrounds Development Area adopted by the City of Toledo pursuant to Ordinance No. 364-94 to advance the redevelopment of the Middlegrounds and development of the Owens Corning World Headquarters site, Toledo City Council passed Ordinance No. 315-94 approving the use of tax increment financing (TIF) with respect to the project in accordance with the provisions of Ohio Revised Code section 5709.41, 5709.42 and 5709.43. The Ordinance declared improvements to certain parcels of property to be a public purpose, required service payments in lieu of taxes, and established an urban development tax increment equivalent fund for the deposit of service payments. Council later passed Ordinance No. 585-94 which amended Ord. 315-94 to add additional land parcels which had been acquired by the City since the enactment of Ord. 315-94. All of the property parcels authorized for tax exemption under these ordinances were included in the Redevelopment Plan for the Middlegrounds...
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