Title
AN ORDINANCE ESTABLISHING AN INCENTIVE DISTRICT AND DECLARING IMPROVEMENTS TO PARCELS OF PROPERTY IN THE INCENTIVE DISTRICT TO BE A PUBLIC PURPOSE, DESCRIBING THE PUBLIC IMPROVEMENTS TO BE MADE TO BENEFIT OR SERVE THE INCENTIVE DISTRICT, ESTABLISHING A MUNICIPAL PUBLIC IMPROVEMENT TAX INCREMENT EQUIVALENT FUND FOR THE DEPOSIT OF SERVICE PAYMENTS, APPROVING THE COMPENSATION AGREEMENT WITH HUDSON CITY SCHOOL DISTRICT, AND RELATED AUTHORIZATIONS PURSUANT TO OHIO REVISED CODE SECTIONS 5709.40, 5709.42 AND 5709.43; AND DECLARING AN EMERGENCY.
Executive Summary: This Ordinance sets forth the provisions as approved by City Council at their meeting of February 2, 2016, and will enable the creation of Tax Increment Financing District.
Body
Legislative History
City Council passed a motion on February 2, 2016, to accept the Board of Education's offer to enter into a Tax Increment Financing (TIF) Agreement with the City of Hudson related to the Downtown Phase II Project pursuant to the January 28, 2016, letter from the Superintendent of Schools to the City Manager, setting forth the following points: 20-year TIF on public property in the northwest corner of Morse and Owen Brown Roads; 100% TIF with a 22.25% service payment to the School District; 50/50 income tax split beyond $1 million in payroll post construction (without reduction for infrastructure costs); Issue 3 Community Learning Center deducted from income tax prior to the 50/50 split; clear articulation of scope and costs associated with infrastructure investment; bus garage approval for both initial design and all proposed modifications; and annual review by administrative staff; which agreement would be subject to a written Agreement that is formally approved by this Council.
Purpose & Explanation
This Ordinance sets forth the provisions as voted on by City Council on February 2, 2016, and will enable the creation of Tax Increment Financing District.
Timing Considerations
This Ordinance would ta...
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