(A) All property of the city, including funds owned or held by it for purposes of this chapter, shall be exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against the same, nor shall judgment against the city be a charge or lien on such property. However, this section shall not apply to or limit the right of obligees to pursue any remedies for the endorsement of any pledge or lien given pursuant to this chapter by the city on its rents, fees, grants or revenues from urban renewal projects.
(B) The property of the city, acquired or held for the purpose of this chapter, is declared to be public property used for essential public and governmental purposes, and such property shall be exempt from all taxes of the city, the county, the state or any political subdivision thereof. However, such tax exemption shall terminate when the city sells, leases or otherwise disposes of such property in an urban renewal or redevelopment area to a purchaser or lessee who is not a public body entitled to tax exemption with respect to such property.
(C) In any urban renewal project, the City Council may agree that the owners of the improvements shall make semi-annual urban renewal service payments in lieu of taxes upon the improvements during an exemption period, to be determined by the Council at such time equivalent to the taxes which would have been paid on the portion of the valuation of the improvements which are declared at such time to be a public purpose. Any such service payments shall be collected at the same time and in the same manner as real property taxes are collected. The entire amount of these service payments shall be deposited into an urban renewal debt retirement fund established pursuant to this chapter. Such payments may be agreed upon between the city as owner of the improvements and any lessee of such improvements.
(D) Any urban renewal project initiated by the city, may, at the discretion of the City Council, be partially or completely funded by urban renewal bonds which shall be payable from the revenues derived from the urban renewal project; or by issuing unvoted urban renewal bonds which pledge the full faith and credit of the city which may also pledge and be payable from any or all of the revenues derived from the urban renewal project; or may issue unvoted urban renewal bonds pursuant to Article VIII, Section 13 of the Ohio Constitution in order to create and preserve jobs and employment opportunities and improve the economic welfare of the city, which shall pledge and be payable from the revenues derived by the urban renewal project.
(E) An urban renewal project authorized pursuant to this chapter may be funded by any other manner which is lawful pursuant to the home rule powers of the city.
(`82 Code, § 1232.09) (Ord. 86-77, passed 10-7-86; Am. Ord. 94-79, passed 8-16-94; Am. Ord. 98-48, passed 7-7-98)