Label
Overland Park TIF 2
Law
E. Granata (x1034)
Revised
Title
Declaring the improvement to certain real property to be a public purpose; declaring such improvement to be exempt from real property taxation; authorizing necessary agreements; requiring the owners thereof to make service payments in lieu of taxes; designating the public infrastructure improvements to be made that will directly benefit the real property; and establishing a municipal public improvement tax increment equivalent fund for the deposit of service payments; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Sections 5709.40 through 5709.43 of the Ohio Revised Code ("ORC") authorize municipalities to identify parcels to be improved and to declare to be a public purpose any infrastructure improvements made that are necessary for the development of such parcels, exempting any improvements to such parcels from real property taxation for established time periods and percentages, with such mechanism commonly referred to as tax increment financing ("TIF").
The City of Toledo, Ohio (the "City") desires to use the authority granted pursuant to such sections of the ORC to establish a TIF exemption in an area located within the territorial boundaries of the City and within an area known as the "Overland Industrial Park," consisting of one or more separate parcels of real property (as depicted and described in Exhibit A attached hereto and incorporated herein by this reference, the "Site").
City Council has previously approved by Ord. 499-17 a TIF exemption for another portion of the Overland Industrial Park. This ordinance authorizes the exemption of additional parcels within the Overland Industrial Park ("Overland TIF2").
The development of commercial properties in the City will benefit the City and its residents by creating economic opportunities, enlarging the property tax base, stimulating collateral development in the City, and providing revenue for the City to undertake pu...
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