Title
AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF A COMPENSATION AGREEMENT BETWEEN THE CITY AND THE GAHANNA-JEFFERSON CITY SCHOOL DISTRICT AND DECLARING AN EMERGENCY.
Body
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, Sections 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, this Council intends to adopt Ordinance No. 990164(the "TIF Ordinance") on August 16, 1999, and therein designate 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 will construct or cause to be constructed certain projects (each a "Project") upon those various Parcels thereby improving each Parcel (each improvement having the meaning as set forth in Section 5709.40, Revised Code, and collectively referred to herein as the "Private Improvements") consistent with the objectives stated in the TIF Ordinance; and
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