Explanation
Background:
Council, by Ordinance No. 2356-98 and 2357-98 passed on September 14,1998, 2093-01 and 2092-01 passed on December 17, 2001 approved the creation of a tax increment financing districts to provide funding for public improvements in the Arena District area.
The attached ordinance authorizes the Director of Development to enter into a Reimbursement Agreement with NWD Investments, LLC to finance the construction of future public improvements necessary for the continued development of the Arena District area.
Fiscal Impact:
The City has foregone the real property tax revenue that it would have received from development within the Arena District area. Instead, that revenue has been diverted to Municipal Public Improvement Tax Increment Equivalent Fund's: 404 "PenSite TIF", 405 "NWD Offisites TIF", 415 "Pen West East TIF", 416 "Pen West West TIF" held by the City. That revenue has been and will continue to be used to support outstanding bonds and to pay for future public improvements benefiting the Arena area.
Title
To authorize the Director of Development to enter into a Reimbursement Agreement with NWD Investments, LLC to provide for the construction and reimbursement of public improvements benefiting and serving the Arena District area.
Body
WHEREAS, pursuant to Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43, this Council by its Ordinance No. 2356-98 and 2357-98 passed on September 14,1998, 2093-01 and 2092-01 passed on December 17, 2001 (the "Original TIF Ordinances"), approved the creation of a tax increment financing to provide funding for public improvements in the Arena District area by exempting from taxation the Improvement (as that term is defined in Ohio Revised Code Section 5709.40) to certain parcels of real property in that area (the "Initial Property"), requiring the owners of the Initial Property to make service payments in lieu of taxes and designating the types of public improvements to be made to benefit ...
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