(a) The three percent (3%) percent tax levied pursuant to this chapter is for the purpose of additional revenue generation which will be used to support government operations, tourism development, economic development, and infrastructure improvement and development throughout the City. The proceeds of the three percent (3%) tax shall be deposited into the Admissions/Parking Tax fund that was established by Council pursuant to Ordinance No. __/202_, enacted on ________, 202_.
(b) The five percent (5%) tax levied pursuant to this chapter is for the purpose of fostering and developing tourism within the Tourism Development District, and the funds collected through the tax levied by this chapter shall first be used for expenditures in support of or related to the development and construction of the HOF Village Redevelopment project, as generally depicted in the Master Plan attached to Ordinance No. 260/2016 of the Municipal Council as Exhibit B and incorporated herein by reference, for the period of time required for the repayment of all applicable bonds issued to support the financing of said redevelopment activities, and for provision of services, maintenance, capital reserves and permanent improvements within or benefitting the property located within the boundaries of the TDD. The proceeds of such bonds and financing may be used for any of the following:
(1) To pay any and all planning, engineering, acquisition, construction, redevelopment, remodeling, renovation, improvement, installation, development, financing costs, repair, replacement, capital reserves, services to and/or benefitting the HOF Village Redevelopment Project, and any and all other direct and indirect costs of the HOF Village Redevelopment Project;
(2) To pay the interest on and principal of bonds or notes, and premium, if any, including refunding bonds or notes, issued by the City pursuant to ORC Section 133.083 or under any other relevant authority, to finance the costs of the HOF Village Redevelopment Project, until such notes or bonds are paid in full, to pay any and all costs of credit enhancements for any such bonds or notes, and reimbursements to any provider thereof, to pay any trustee, issuer, and other administrative fees, costs, and expenses related to servicing the obligations, and to provide and replenish any reserve fund;
(3) To repay any other debt incurred in connection with the HOF Village Redevelopment Project, including any refunding or refinancing thereof, which debt may be issued by other governmental bodies, including, without limitation, any port authority, pursuant to a cooperative agreement or other agreements with the City; and
(4) To reimburse the City and/or Stark County Port Authority (or its designated agent or agents) for any funds used by the City and/or Stark County Port Authority (or its designated agent or agents) to pay costs of the HOF Village Redevelopment Project, or to pay interest or principal, or premium, on any of the above mentioned notes, bonds, or loans, prior to the receipt of the funds collected through the tax levied by this chapter;
(c) After the repayment of the bonds referenced in this section, including any refunding or refinancings thereof, the funds collected through the tax levied by this chapter may be used for the purpose of the continued fostering and development of tourism in the Tourism Development District as determined by Council.
(d) The funds collected through the five percent (5%) tax levied by this chapter shall be placed in a special fund known as the "HOFV Fund" that was established by Council pursuant to Ordinance No. 18/2017, enacted on February 6, 2017.
(Ord. 187-2024. Passed 9-27-24.)