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(A) There is hereby established an “Urban Redevelopment Tax Increment Equivalent Fund” into which shall be deposited service payments in lieu of taxes distributed to the city by the Warren County Treasurer as provided in § 157.02 of this code and R.C. § 5709.42.
(B) Monies deposited in the Urban Redevelopment Tax Increment Equivalent Fund shall be used for the following purposes:
(1) To pay for any debt incurred by the city associated with provision of public improvements designed for the enhancement of the economic well being of the community.
(2) To pay to an affected school district an amount equivalent to the funds potentially lost to the abatement of taxes.
(3) Any other expenditures determined by the City Council.
(Ord. 6153, passed 12-8-87)