Title
AN ORDINANCE DECLARING THE IMPROVEMENT TO CERTAIN PARCELS OF REAL PROPERTY IN THE AREA KNOWN AS THE BUCKLES TRACT TO BE A PUBLIC PURPOSE AND EXEMPT FROM TAXATION; ESTABLISHING A TAX INCREMENT EQUIVALENT FUND AND PROVIDING FOR THE COLLECTION AND DEPOSIT OF SERVICE PAYMENTS INTO THAT FUND; SPECIFYING THE PUBLIC INFRASTRUCTURE IMPROVEMENTS DIRECTLY BENEFITING THE PARCELS; AND APPROVING AND AUTHORIZING THE EXECUTION OF A REVENUE SHARING AGREEMENT WITH THE GAHANNA-JEFFERSON CITY SCHOOL DISTRICT.
Drafter
jm/ils
Body
WHEREAS, Ohio Revised Code Sections 5709.40 to 5709.43 (collectively, the "TIF Statutes") authorize the legislative authority of a municipal corporation, by ordinance, to declare the improvement to each parcel of real property located within the municipal corporation to be a public purpose and exempt from taxation, require the owner of each parcel to make service payments in lieu of taxes, establish a municipal public improvement tax increment equivalent fund for the deposit of those service payments, specify public infrastructure improvements made, to be made or in the process of being made that directly benefit, or that once made will directly benefit those parcels and enter into a mutually agreeable compensation arrangement with each affected school district; and
WHEREAS, this Council has determined to declare the improvements to certain parcels of real property in the area known as the Buckles tract, which parcels are further identified and depicted in Exhibit A attached hereto (each, as currently or subsequently configured, individually, a "Parcel" and collectively, the "Parcels") to be a public purpose; and
WHEREAS, this Council desires to provide for the public infrastructure improvements described in Exhibit B attached hereto (the "Public Infrastructure Improvements"); and
WHEREAS, notice of this proposed Ordinance has been delivered to the Boards of Education of the Gahanna-Jefferson City School District (the "School Dis...
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