Explanation
To authorize the issuance of special obligation bonds in an amount not to exceed $2,000,000 for the purpose of providing funds necessary to pay, or reimburse the payment of, costs of certain public improvements to be acquired by the City pursuant to an Agreement between the City and National Church Residences, and to pay the costs of issuance of such special obligations.
Title
Authorizing the issuance of special obligation bonds in an amount not to exceed $2,000,000 for the purpose of providing funds necessary to pay, or reimburse the payment of, costs of certain public improvements to be acquired by the City pursuant to an Agreement between the City and National Church Residences, and to pay the costs of issuance of such special obligations. ($2,000,000)
Section 55(b) of the City Charter
Body
WHEREAS, pursuant to Ordinance 1721-02, adopted by this Council on November 25, 2002 (the "TIF Ordinance"), the City of Columbus, Ohio (the "Municipality") declared that (a) 100% of the increase in true value of certain property (described in the TIF Ordinance and herein collectively referred to as the "TIF Property") subsequent to the effective date of that ordinance is a public purpose and exempt from real property taxation, and (b) certain public improvements identified in the TIF Ordinance (the "Public Improvements") are public improvements that benefit or serve, or that once made will benefit or serve, the TIF Property; and
WHEREAS, pursuant to Section 3 of the TIF Ordinance, owners of the TIF Property are required to make service payments in lieu of real property tax payments to the County Treasurer of Franklin County, Ohio (the "Treasurer"), such service payments to be in amounts equal to the real property tax payments that would have been payable on the improvements exempted from taxation by the TIF Ordinance had no such exemption been granted; and
WHEREAS, pursuant to the TIF Ordinance, a portion of the above described ...
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