Title
A RESOLUTION AMENDING SUBSTITUTE RESOLUTION 24-96 TO PROVIDE THAT THE DURATION OF ALL FUTURE REAL PROPERTY TAX EXEMPTIONS AUTHORIZED BY SECTIONS 3735.65 THROUGH 3735.70 OF THE OHIO REVISED CODE AND GRANTED FOR IMPROVEMENTS TO CERTAIN REAL PROPERTY LOCATED WITHIN COMMUNITY REINVESTMENT AREA #1 SHALL BE LIMITED TO TEN YEARS.
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WHEREAS, it has been and is in the best interests of the City and the Gahanna-Jefferson City School District (the "School District") for the City to designate certain areas for commercial and other business development; and
WHEREAS, Section 5709.40, 5709.42 and 5709.43 of the Ohio Revised Code ("Revised Code") provide that this Council may declare improvements to parcels of real property located in the City to be a public purpose, thereby exempting those improvements from real property taxation for a period of time; specify public infrastructure improvements to be made to benefit the parcels; provide for the making of service payments in lieu of taxes by the owners thereof; provide for payments to the School District; and establish a municipal public improvement tax increment equivalent fund into which such service payments shall be deposited; and
WHEREAS, this Council under the authority of Section 5709.40, Revised Code, enacted Ordinance No. 990164 on August 16, 1999 and Ordinance No. 990427 on September 20, 1999 (collectively, the "TIF Ordinance"), and therein designated an area within the City as the "Eastgate Industrial Center TIF District" (the "Eastgate TIF District", with the parcels comprising the real property within the Eastgate TIF District referred to herein as the "Parcels" and, each individually as a "Parcel", and with the Parcels in the aggregate referred to herein as the "Property"); and
WHEREAS, the City expects that the owners of the Parcels have constructed or will construct or cause to be constructed certain projects upon those various Parcels thereby improving each Parcel (each i...
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