File #: 746-2024    Version: 1 Name:
Type: Emergency Ordinance Status: Administrative Review
File created: 7/8/2024 In control: City Council
On agenda: 7/10/2024 Final action:
Passage/adoption date:
Effective date:    
Title: AN EMERGENCY ORDINANCE To remove certain parcels of property from the Shore-to-Core-to-Shore TIF District created by Ordinance No. 38-2024, passed March 25, 2024, pursuant to 5709.40(B); to declare certain improvements to real property to be a public purpose and exempt from taxation pursuant to Section 5709.41 of the Revised Code for an initial period of thirty (30) years; to require the owners of the improvements to make service payments in lieu of the exempt taxes; to determine that the real property is in a blighted area of an impacted city; to determine that the owners of the improvements will make service payments in lieu of taxes in an amount that will exceed one million five hundred thousand dollars in a future year; to extend the exemption from taxation pursuant to Section 5709.51 of the Revised Code for an additional fifteen (15) year period; and authorizing the Director of Economic Development to enter into a Tax Increment Financing Agreement with Cleveland LD, LLC, and/or i...
Sponsors: Anthony T. Hairston, Blaine A. Griffin, By Departmental Request
Indexes: AGREEMENTS, ECONOMIC DEVELOPMENT DEPARTMENT, TAX INCREMENT FINANCING ( TIF )
Attachments: 1. 746-2024-TIF Ag w Cleveland TIF Ag w LD for Bedrock, Shore to Core to Shore, 2. 746-2024-A-FILE - TIF Ag w Cleveland TIF Ag w LD for Bedrock, Shore to Core to Shore

Title

AN EMERGENCY ORDINANCE To remove certain parcels of property from the Shore-to-Core-to-Shore TIF District created by  Ordinance No. 38-2024, passed March 25, 2024, pursuant to 5709.40(B); to declare certain improvements to real property to be a public purpose and exempt from taxation pursuant to Section 5709.41 of the Revised Code for an initial period of thirty (30) years; to require the owners of the improvements to make service payments in lieu of the exempt taxes; to determine that the real property is in a blighted area of an impacted city; to determine that the owners of the improvements will make service payments in lieu of taxes in an amount that will exceed one million five hundred thousand dollars in a future year; to extend the exemption from taxation pursuant to Section 5709.51 of the Revised Code for an additional fifteen (15) year period; and authorizing the Director of Economic Development to enter into a Tax Increment Financing Agreement with Cleveland LD, LLC, and/or its designee, to redevelop Cleveland’s riverfront.