Explanation
BACKGROUND: This Council has approved a memorandum of understanding with MORSO Holding Co. (the Developer) whereby the Developer will make contributions totaling $5.75 million to fund urban redevelopment projects and other priorities within the City. The memorandum of understanding provides that $4.25 million of these contributions from the Developer will include direct payments to the City which will be reimbursed from Easton TIF revenue pursuant to an amendment to the Reimbursement Agreement between the City and the Developer. This ordinance approves the use of Easton TIF funds for the City’s urban redevelopment projects in order to authorize that reimbursement.
FISCAL IMPACT: No funding is required for this legislation.
Title
To determine that satisfactory provision has been made for the public improvement needs of parcels within the Easton TIF; to include additional public improvements to be made in support of urban redevelopment within the City; to amend the TIF Reimbursement Agreement between the City and MORSO Holding Co. to authorize the reimbursement of the costs associated with those additional public improvements from the Easton TIF Fund No. 4401; and declare an emergency.
Body
WHEREAS, pursuant to Section 5709.40, Ohio Revised Code, and Ordinance No. 1704-96 of this Council, duly enacted on July 22, 1996 (the “Original TIF Ordinance”), this Council determined that 100% of the increase in true value of certain parcels of real property to be a public purpose; and
WHEREAS, the Original TIF Ordinance was subsequently amended by Ordinance No. 0709-03 (the “2003 TIF Ordinance”) and Ordinance No. 2895-14 (the “2014 TIF Ordinance” and collectively with the Original TIF Ordinance and the 2003 TIF Ordinance, the “Easton TIF Ordinance”); and
WHEREAS, the Easton TIF Ordinance provides that with respect to each separate parcel of the property located within the Easton TIF district, 100% of the increase in true value of such properties (th...
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