(A) Authority. Pursuant to R.C. § 5709.40, improvements to parcels located within a Tax Increment District may be exempted from taxation.
(B) Amount of exemption. The percentage of the improvement upon the parcel described in § 36.002(A) to be exempted from taxation shall be 75%.
(C) Nature of improvements. The public improvements made, or to be made, by the city which directly benefit the parcel described in § 36.002(A) are: 1,000 feet of roadway; 1,000 feet of waterline; and 1,000 feet of sewer extensions.
(D) Service payments. Service payments shall be made to the County Auditor in the amount of the tax exempted by this subchapter to pay for the cost of the improvements made, or to be made, by the city, that directly benefit the parcel described in § 36.002(A). Collection of service payments transmitted by the County Auditor to the city shall be deposited in the Tax Increment Fund, established by § 36.059.
(E) Term. The exemption granted by this section shall terminate upon the occurrence of any of the following events:
(1) The improvement ceases to be a public purpose;
(2) The public improvements are paid in full; or
(3) The passage of ten years from the effective date of this subchapter, August 1, 2005.
(1982 Code, § 35.37) (Ord. 2000-10, passed 8-7-2000; Ord. 2001-19, passed 12-3-2001; Res. 2005-19, passed 8-1-2005)