Label
AMENDING ORD. 511-18 (IRONVILLE TIF)
Law
E. Granata (x1034)
Title
Amending Ord. 511-18 which authorized a Tax Increment Financing exemption for certain real property known as the Ironville Site and made various declarations and authorizations related thereto, by amending existing Sections 3, 4, and 5 and enacting a new Section 4 to provide for minimum service payments pursuant to ORC section 5709.91; renumbering sections 6 through 13 as sections 7 through 14 respectively; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Ord. 511-18 (See Attachment 1) authorized a Tax Increment Financing ("TIF") exemption for improvements to real property in an area located within the territorial boundaries of the City and within an area known as the "Ironville Site," consisting of one or more separate parcels of real property (as depicted and described in Exhibit A to Ord. 511-18 and attached hereto, each a "Parcel" and, collectively, the "Site").
Ord. 511-18, as authorized by Sections 5709.40 through 5709.43 of the Ohio Revised Code ("ORC"), declared the improvement to certain real property to be a public purpose and declared such improvements to be exempt from real property taxation; authorized necessary agreements; required the owners of that property to make service payments in lieu of taxes, including to the Toledo Public Schools; designated the public infrastructure improvements to be made that will directly benefit the real property; and established a municipal public improvement tax increment equivalent fund for the deposit of service payments; and declared an emergency.
The TIF authorized by 511-18 is a key support and incentive for the construction and implementation of the Cliffs Natural Resources Inc. HBI production project and will benefit residents by creating new jobs and economic opportunities, enlarging the property tax base, stimulating collateral development in the City, and providing revenue for the city and the Toledo-Lucas C...
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