Pursuant to and in accordance with the provisions of R.C. § 5709.40(C), Village Council declares that 100% of the increase in assessed value of each parcel subsequent to the effective date of this chapter (which increase in assessed value is hereinafter referred to as the "Improvement," as defined in R.C. § 5709.40(A)) is a public purpose and exempt from taxation for a period coextensive with the life of the Incentive District, which life commences with the first tax year that begins after the effective date of this chapter and in which an improvement attributable to a new structure would first appear on the tax list and duplicate of real and public utility property for any parcel within the Incentive District were it not for the exemption granted in this chapter and ends on the earlier of 30 years after such commencement
or the date on which the village can no longer require service payments in lieu of taxes, all in accordance with the requirements of the TIF Statutes.
(Ord. 2016-12, passed 11-7-2016)