Label
Troy-Toledo JEDD Amendment
Law
B. Sehlhorst (x1692) E. Granata (x1034)
Title
Authorizing the Mayor to enter into a Third Amendment to the Joint Economic Development District (the "District") Contract with the Board of Trustees of Troy Township, Wood County, Ohio, for the purpose of allowing the District Board to grant job creation incentive grants; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The Troy Township - City of Toledo Joint Economic Development District (the "District") was created for the purpose of promoting economic development in the District, and for the mutual benefit and economic welfare of the residents of the City of Toledo, Troy Township and the State of Ohio. The Contract, in accord with provisions of Sections 715.72 through 715.83 of the Ohio Revised Code, was entered into pursuant to Troy Township Resolutions 13-2009, 2-2019 and 10-2109, and the City of Toledo Ordinances 565-09, 417-18 and 294-19.
Pursuant to the above cited Ohio laws and Section 9 of the Contract, the District Board by Resolution 2021-1 established a District Job Creation Incentive ("JCI") Program to attract private sector companies that are considering locating to, or expanding in, the District, by providing grants to such companies tied to the creation of jobs and payroll in District in accordance with adopted Program Guidelines. The grants will be provided only from the District Maintenance Fund, which collects 15% of the revenue generated by the District's 2.25% income tax levy. The JCI Program grants are structured not to change the percent of revenue returned to the contracting parties
The District Board has requested that the Contract be amended to facilitate the Board's award of grants under the JCI Program and the District's economic development purposes.
The fiscal impact of this Ordinance is as follows:
- The amount of funds requested: $0
- The expenditure budget line item: N/A
- New revenue generated (operati...
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