Label
Amending Ord 68-21 (North Towne TIF)
Department of Economic Development
B. Sehlhorst (x1692)
Title
Amending Ordinance 68-21, which established the North Towne TIF, with respect to the priority of exemptions granted under the Ohio Revised Code; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Ordinance 68-21 established the North Towne Tax Increment Financing ("TIF"). The North Towne TIF was created as mechanism in which the City could recoup its investment in public infrastructure that benefits the Property. The TIF was set up to run with the land and take priority over any other tax exemption, except as may otherwise be permitted in the future by the Council through a duly enacted Ordinance.
This Ordinance places the Community Reinvestment Area ("CRA") exemption in priority over the TIF Exemption. This reprioritization is necessary to support the proposed redevelopment of the Property.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That Section 7 of Ordinance 68-21 which reads as follows:
"SECTION 7. TIF Exemption Priority. That the TIF Exemption authorized in Section 3 shall run with the land and be binding on subsequent owners of the TIF Parcel and shall have priority over any other exemption that may be granted with respect to the TIF Parcel or portion thereof under any other provision of the Ohio Revised Code, pursuant to ORC ? 5709.911(B)(2), unless the City Council provides its written consent to a subsequent exemption by means of a duly enacted ordinance. The City and/or the TIF Parcel owner shall take such actions as required under ORC ? 5709.911, including filing the application and recording a notice and declaration in the Lucas County Records, to ensure the priority of the TIF Exemption and the requirement to make Service Payments related thereto. "
is repealed.
SECTION 2. That a new Section 7 of Ordinance 68-21 is enacted to read as follows:
"SECTION 7. That the TIF Exempti...
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