Label
North Towne TIF
Department of Economic Development
B. Sehlhorst (x1692) / E. Granata (x1034)
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 owners thereof to make service payments in lieu of taxes; establishing a municipal public improvement tax increment equivalent fund for the deposit of service payments; authorizing various agreements and actions, all pursuant to sections 5709.40, 5709.42, 5709.43, 5709.83, 5709.91, 5709.911 and other provisions of the Ohio Revised Code; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Sections 5709.40 through 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").
The City of Toledo, Ohio ("City") desires to use the authority granted pursuant to such sections of the ORC to establish a TIF exemption for certain real property, known as the former North Towne Square Mall ("Property"), as more particularly described in the attached Exhibit A ("TIF Parcels") for the purposes of providing and paying for the costs of public infrastructure improvements as defined in ORC ? 5709.40(A)(8) and as fu...
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