Explanation
Background: Pursuant to the terms of the TIF Ordinance, the Columbus City Council established the East Broad Commercial Property and the Lucent Commercial Property districts which are two (2) commercial real property tax increment financing ("TIF") incentive districts established pursuant to Section 5709.40(B) of the Ohio Revised Code (collectively, the "East Broad Commercial Incentive Districts") and the Lucent District, the East Broad Dominion District and the Waggoner M/I District which are three (3) residential TIF incentive districts established pursuant to Section 5709.40(C) of the Ohio Revised Code (collectively, the "East Broad Residential Incentive Districts" and together with the East Broad Commercial Incentive Districts, the "East Broad Incentive Districts"); declared the improvements to real estate parcels located within the East Broad Incentive Districts to be a public purpose and exempt from real property taxation; provided for the owners of real estate parcels in the East Broad Commercial Property district to make annual service payments in lieu of taxes (the "East Broad Commercial Service Payments"); provided for the owners of real estate parcels in the Lucent Commercial Property district to make annual service payments in lieu of taxes (the "Lucent Commercial Service Payments"); provided for the owners of real estate parcels in the East Broad Residential Incentive Districts to make annual service payments in lieu of taxes (the "Residential Service Payments"); established the East Broad TIF Funds for the deposit of the East Broad Commercial Service Payments, the Lucent Commercial Service Payments and the Residential Service Payments collected from the East Broad Incentive Districts' real property owners; provided for the non-school portion of the East Broad Commercial Service Payments, the Lucent Commercial Service Payments and the Residential Service Payments to be paid to the City for deposit into the East Broad TIF Funds; describe...
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