Explanation
Section 6 of House Bill 384 enacted by the 131st General Assembly and effective April 5, 2017, provides that the legislative authority of an impacted city may include a determination in an ordinance adopted under section 5709.40 of the Ohio Revised Code that satisfactory provision has been made for the public improvement needs of the parcels identified in the ordinance and may specify other improvements that do not directly benefit the parcels identified in the ordinance but are in support of urban redevelopment within the meaning of Section 5709.41 of the Ohio Revised Code.
This legislation allows the City, as an impacted City to use Tax Increment Finance Funds in areas other than the TIF area for urban redevelopment within the meaning of Section 5709.41 of the Ohio Revised Code.
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 certain tax increment financing districts previously established by the City; to include additional public improvements to be made in support of urban redevelopment within the City.
Body
WHEREAS, pursuant to Section 5709.40, Ohio Revised Code, the City has previously adopted ordinances, attached hereto as Exhibit A (collectively, the “TIF Ordinances”), in each of which this Council determined that 100% of the increase in true value of certain parcels of real property to be a public purpose (each, a “TIF District”); and
WHEREAS, each of the TIF Ordinances provide that, with respect to each separate parcel of the property located within the respective TIF District, 100% of the increase in true value of such properties (the “Improvements” as further defined in that Section 5709.40) shall be exempt from taxation (the “TIF Exemptions”; and
WHEREAS, each of the Ordinances require the owners from time to time of the Improvements to make annual service payments in lieu of taxes (the “TIF Payments”), wh...
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