Pursuant to the TIF Statutes, the County Treasurer is requested to distribute the service payments and the property tax rollback payments as follows:
(a) To each of the Teays Valley Local School District and the Eastland Joint Vocational School District, an amount equal to the amount the Teays Valley Local School District and the Eastland Joint Vocational School District would otherwise have received as real property tax payments (including the applicable portion of any property tax rollback payments) derived from the improvement to the property located within each such school district's boundaries if the improvement had not been exempt from taxation pursuant to this chapter; and
(b) To the village, all remaining amounts for further deposit into TIF Fund for payment of costs of the public infrastructure improvements, including debt service on any securities issued to finance those costs.
(Ord. 2016-12, passed 11-7-2016)