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AN ORDINANCE DECLARING THE IMPROVEMENT TO CERTAIN PARCELS OF REAL PROPERTY IN THE CITY'S JOHNSTOWN ROAD DISTRICT 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; AUTHORIZING MAKE-WHOLE COMPENSATION PAYMENTS TO THE GAHANNA-JEFFERSON CITY SCHOOL DISTRICT AND THE EASTLAND FAIRFIELD CAREER & TECHNICAL SCHOOLS; AND AUTHORIZING THE EXECUTION OF AN INFRASTRUCTURE FUNDING AGREEMENT WITH MIFFLIN TOWNSHIP; AND TO DECLARE AN EMERGENCY.
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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 the 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 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 City's Johnstown Road District to be a public purpose; and
WHEREAS, this Council desires to provide for the acquisition or construction of certain public infrastructure improvements; and
WHEREAS, this Council has determined it necessary to enter into an Infrastructure Funding Agreement with Mifflin Township in an effort to fund certain capital expenditures as allowed by the Ohio Revised Code, solely from the amounts available in the TIF Fund, in an amoun...
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