Explanation
City Council established a tax increment financing (“TIF”) area pursuant to Ohio Revised Code (“R.C.”) Section 5709.40 by Ordinance No. 2356-98 to provide for a 30-year tax increment financing exemption (the “Arena (Offsite) TIF”) beginning for tax year 1999 and ending in tax year 2028 to fund public improvements necessary for the future development needs of the Arena District. The Arena (Offsite) TIF area was subsequently reduced in size by Ordinance Nos. 1719-02, 3166-2019, and 3167-2019. City Council established a tax increment financing (“TIF”) area pursuant to R.C. Section 5709.41 by Ordinance No. 2357-98 to provide for a 30-year tax increment financing exemption (the “Pen Site TIF”) beginning for tax year 1999 and ending in tax year 2028 to fund public improvements necessary for the future development needs of the area within and around the former Ohio Penitentiary. The Arena (Offsite) TIF and the Pen Site TIF each currently generate more than $1.5 million per year in service payments made pursuant to R.C. Section 5709.42.
In 2019 and 2023, the Ohio General Assembly adopted and then amended R.C. Section 5709.51, which allows City Council to extend the term of a TIF exemption for an additional period of not more than 30 years for certain TIFs such as the Arena (Offsite) TIF and Pen Site TIF that individually generate in excess of $1.5 million per year in service payments made pursuant to R.C. Section 5709.42 in the calendar year preceding the adoption of the extension amendment ordinance (provided such excess did not occur in any other year prior to the adoption of this Ordinance unless this Ordinance is adopted prior to January 1, 2024), or if City Council determines that the service payments to be made pursuant to R.C. Section 5709.42 by the owner or owners of the parcel or parcels designated in the ordinance or resolution will exceed $1.5M in any future year. This Ordinance extends the Arena (Offsite) TIF and the Pen Site TIF each for an add...
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