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AN ORDINANCE SUPPLEMENTING ORDINANCE NO. 990164, PASSED BY THE CITY ON AUGUST 16, 1999, TO EXPAND THE EASTGATE INDUSTRIAL CENTER TIF DISTRICT TO PROVIDE THAT IMPROVEMENTS TO REAL PROPERTY WITHIN THE AREA AMENDED INTO DISTRICT ARE A PUBLIC PURPOSE; DESCRIBING PUBLIC INFRASTRUCTURE IMPROVEMENTS TO BE MADE TO BENEFIT THE ADDITIONAL AREA AMENDED INTO THAT DISTRICT; REQUIRING THE OWNERS OF THE PROPERTY WITHIN THE AREA AMENDED INTO THE DISTRICT TO MAKE SERVICE PAYMENTS IN LIEU OF TAXES; ACKNOWLEDGING THE EXISTENCE OF 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, 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, pursuant to Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43, the City, on August 16, 1999, passed Ordinance No. 990164 (the "TIF Ordinance") thereby declaring improvements to parcels of certain real property located in the City (as depicted in the TIF Ordinance and referred to therein and herein as the "Property") to be a public purpose, exempting those improvements from real property taxation for a period of time, specifying public infrastructure improvements (as described in the TIF Ordinance) to be made to benefit those parcels, providing for the making of service payments in lieu of taxes (the "Service Payments") by...
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