Label
Marina District TIF
Neighborhoods and Business Development
Brandon Sehlhorst (x1692)
(Revised)
Title
Declaring the improvements to certain real property parcels within the city to be a public purpose; describing the public improvements to be made to directly benefit such parcels; exempting such improvements from ad valorem real property taxation for a period of 30 years; requiring the owner of the improvements to make service payments in lieu of taxes; establishing a municipal public improvement tax increment equivalent fund for the deposit of the service payments, authorizing various agreements and actions, all pursuant to sections 5709.40, 5709.42, 5709.43 and other provisions of the Ohio Revised Code; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Sections 5709.40, 5709.42 and 5709.43 of the Ohio Revised Code ("ORC") (the "Act") provide that Council may describe public improvements to be made that directly benefit certain parcels of real property located in the City, declare public infrastructure improvements (as defined in ?5709.40) with respect to such parcels to be a public purpose, authorize the exemption from real property taxation of improvements to such parcels for a period of time, provide for the making of service payments in lieu real property taxes ("Service Payments") by the owner of such parcels, and establish a municipal public improvement tax increment equivalent fund into which such service payments shall be deposited, with such mechanism commonly referred to as tax increment financing ("TIF").
In 2017, Council approved support for installation of additional public infrastructure to enable the Marina District redevelopment to move forward, including the development of new housing, redevelopment of commercial properties along Front St. and the creation of a new metro park. The hope is that the projects will spurs additional economic and commercial development in east Toledo and on both sides of the river which will in t...
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