Title
AN ORDINANCE DECLARING THE ESTABLISHMENT OF THE EASTGATE INDUSTRIAL CENTER TIF DISTRICT AND THAT IMPROVEMENTS TO REAL PROPERTY WITHIN THE DISTRICT ARE A PUBLIC PURPOSE; DESCRIBING PUBLIC INFRASTRUCTURE IMPROVEMENTS TO BE MADE TO BENEFIT THE DISTRICT; REQUIRING THE OWNERS OF THE PROPERTY WITHIN THE DISTRICT TO MAKE SERVICE PAYMENTS IN LIEU OF TAXES; ESTABLISHING A MUNICIPAL PUBLIC IMPROVEMENT TAX INCREMENT EQUIVALENT FUND FOR THE DEPOSIT OF SUCH SERVICE PAYMENTS; APPROVING AND AUTHORIZING THE EXECUTION OF TAX INCREMENT FINANCING AGREEMENTS AND AN INFRASTRUCTURE AGREEMENT; AND DECLARING AN EMERGENCY.
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WHEREAS, it has been and is in the best interests of the City to designate certain areas for commercial and other business development; and
WHEREAS, Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43 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; and establish a municipal public improvement tax increment equivalent fund into which such service payments shall be deposited; and
WHEREAS, in furtherance of the City's objectives and utilizing the powers conferred by the Ohio Revised Code, the City desires to further designate an area within the City as the "Eastgate Industrial Center TIF District" (a depiction of which is attached hereto as Exhibit A and referred to herein as the "TIF District", with the parcels comprising the real property within the 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 previously designated all parcels within the TIF District as a Community Reinvestment Area ...
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