Label
[SUBJECT]
DPU031318TIFTransportationFunding
Division of Engineering Services
Timothy Grosjean (x1344)
(Revised)
Title
Authorizing the appropriation and expenditure of $2,900,000 from the unappropriated balance of the Franklin Park/Westfield Municipal Public Improvement Tax Increment Fund for the Monroe Street construction project from Secor to Nantucket; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43 provide City Council with the authority to dedicate real estate tax proceeds on specific parcels towards infrastructure improvements in the vicinity of those parcels. In 2004, to improve safety conditions and reduce hazards to vehicular traffic associated with the expansion of the Franklin Park Mall and Westgate Village Shopping Center, City Council passed Ordinance 810-04 enabling tax proceeds from properties in these areas to be dedicated to infrastructure improvements in their respective vicinities.
The estimated unappropriated fund balance of the Franklin Park Tax Increment Fund (TIF) before ordinance passage is $8,753,000. This ordinance authorizes appropriation and expenditure for the construction of a roadway widening and resurfacing project for Monroe Street from Secor to Nantucket.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That the appropriation and expenditure of $2,900,000 is authorized from the unappropriated balance of the Franklin Park/Westfield Municipal Public Improvement Tax Increment Fund to Account Code 5031-35000-8CT1801MONROE for the Monroe Street from Secor to Nantucket roadway improvement project.
SECTION 2. That the Mayor is authorized to prepare plans and specifications, accept bids and execute necessary contracts/agreements for construction of Monroe Street from Secor to Nantucket, including such items as labor, materials, construction testing, permit fees, real estate incidentals an...
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