Label
IRONVILLE TIF - disbursement of TIF Payments
Econ Development/Law
B. Sehlhorst (x1692)/E. Granata (x1034)
Revised
Title
Authorizing the appropriation of funds deposited in 2021 and 2022 into the Ironville Tax Increment Financing ("TIF") Fund; authorizing expenditure of all funds deposited into the Ironville TIF Fund during the term of the TIF, subject to annual appropriations; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
Ordinance 511-18 as amended by Ord. 341-19 (the "TIF Ordinance") authorized a Tax Increment Financing exemption for certain real property known as the Ironville Site, 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 necessary to support the Cliffs Natural Resources, Inc. HBI production project. In accordance with 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 "Ironville Tax Increment Fund").
The TIF Ordinance provided that the costs of the public improvements to be paid out of the Ironville Tax Increment Fund specifically include any reimbursement payments for the costs of the public infrastructure improvements, debt service and any administrative or other expenses relating to the issuance of bonds, notes or other obligations issued to finance the public infrastructure improvements paid by the Toledo Lucas County Port Authority or the company. Under the Service Payment Agreement and Cooperative Agreement authorized by the Ordinance, the Port Authority or the Company, as applicable, shall provide a certified statement to the City setting forth and providing reasonable evidence concerning costs of the Public Infrastructure Improvements. The City is then obligated to pay such cert...
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