Explanation
Background: In response to a petition from Jeffrey Place Development LLC, this Council by its Resolution 050X-2004 adopted on March 8, 2004, approved the creation of The Jeffrey Place New Community Authority. On January 17, 2007, the City Director of Development, acting pursuant to City Ordinance 1246-2006 passed July 26, 2006, entered into a Tax Increment Financing and Cooperative Agreement with The Jeffrey Place New Community Authority and the previous developer of the former Jeffrey Mining site. On July 31, 2012, the previous developer signed a Settlement and Release Agreement with Jeffrey New Day LLC, pursuant to which the previous developer assigned all of its rights and obligations under the Tax Increment Financing and Cooperative Agreement to Jeffrey New Day LLC. This Ordinance officially recognizes Jeffrey New Day LLC as the “developer” of The Jeffrey Place New Community Authority for all purposes of Ohio Revised Code Chapter 349 and consents to the assignment of the Tax Increment Financing and Cooperative Agreement to Jeffrey New Day LLC.
Fiscal Impact: None. No funding is required for this legislation.
Title
To establish Jeffrey New Day LLC as “developer” of The Jeffrey Place New Community Authority for the purposes of Ohio Revised Code Chapter 349; to consent to the assignment to Jeffrey New Day LLC of the Tax Increment Financing and Cooperative Agreement related to that Authority; and to declare an emergency.
Body
WHEREAS, pursuant to Resolution 050X-2004, adopted by this Council on March 8, 2004, The Jeffrey Place New Community Authority (the “Authority”) was established pursuant to Ohio Revised Code Chapter 349 (the “Act”) to facilitate the redevelopment of the former Jeffrey Mining site; and
WHEREAS, pursuant to Ordinance 1246-06, passed by this Council on July 24, 2006, the Director of Development entered into a Tax Increment Financing and Cooperative Agreement (the “TIF Agreement”) with the Authority and the previous dev...
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