Label
Hawthorne Hills TIF - disbursement of TIF Payments
Econ Development/Law
B. Sehlhorst (x1692)/E. Granata (x1034)
Title
Authorizing the appropriation of funds deposited in 2022 into the Hawthorne Hills Tax Increment Financing ("TIF") Fund; authorizing an operating transfer of all such funds to the Capital Improvement Program Fund; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Ordinance 114-20 (the "TIF Ordinance") authorized a Tax Increment Financing exemption for certain real property referred to as the Hawthorne Hills Site (formerly known as Southwyck Mall), as authorized under Ohio Revised Code sections 5709.41 through 5709.43. The TIF Ordinance authorized Service Payments in lieu of taxes to include payments to the Toledo City School District with the balance to be used for the payment of public improvements benefiting the Hawthorne Hill site, including the reimbursement of site acquisition and maintenance costs of the City. In accordance with the Revised Code and the TIF Ordinance, the Service Payments, after payment to the School District, are deposited into the city's municipal public improvement tax increment equivalent fund (the "Hawthorne Hills Tax Increment Fund" or "Hawthorne Hills TIF Fund"). Service Payments totaling $68,290.50 have been deposited into in the Hawthorne Hill TIF Fund so far in 2022sail.
This Ordinance appropriates all service payments to be received in 2022 into the Hawthorne Hills Tax Increment Fund for the payment of the authorized public improvements, specifically the reimbursement of site acquisition costs to the City; and authorizes an operating transfer of the appropriated funds into the City's Capital Improvement Program Fund.
Summary
NOW, THEREFORE, Be it ordained by the Council of the City of Toledo:
SECTION 1. That all amounts received in 2022 by the City from the Lucas County Treasurer as service payments in lieu of taxes and deposited into the Hawthorne Hills Tax Increment Fund, Accoun...
Click here for full text