Village Council establishes, pursuant to and in accordance with the provisions of R.C. § 5709.43, the Commercial Point Municipal Public Improvement Tax Increment Equivalent Fund (the "TIF Fund"), into which the County Treasurer will deposit the service payments and property tax rollback payments collected with respect to the parcels and not required to be distributed to the Teays Valley Local School District pursuant to § 824.06. The TIF Fund will be maintained in the custody of the village. The village may use amounts deposited into the TIF Fund only for the purposes authorized in the TIF Statutes and this chapter. The TIF Fund will exist so long as such service payments and property tax rollback payments are collected and used for the aforesaid purposes, after which time the TIF Fund will be dissolved and any surplus funds remaining therein transferred to the village's General Fund, all in accordance with R.C. § 5709.43.
(Ord. 2016-12, passed 11-7-2016)