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Council approves TIF ordinance for downtown improvements after school compensation added
Summary
London City Council amended and approved Ordinance 209-24 to authorize tax-increment financing (TIF) and related agreements for certain downtown property; the amendment inserted an approved London City School Board compensation agreement as an attachment.
The London City Council voted to adopt Ordinance 209-24, which declares improvement of certain real property in the city to be a public purpose and authorizes a tax increment financing (TIF) agreement and related instruments under cited Ohio Revised Code sections. Council members amended the ordinance to include a recently approved London City School Board compensation agreement as an attachment before final adoption.
The ordinance as read cites Ohio Revised Code sections governing urban redevelopment and TIF, including sections 5709.41, 5709.42, 5709.43, 5709.832 and 5709.85. Council discussion focused on updating attachments to reflect the school board's special session and the school compensation agreement the board approved earlier in the week; one council member moved to amend the ordinance to insert the approved school compensation agreement.
After amendment the council voted to adopt the ordinance. The clerk recorded affirmative votes from council members present during the roll call and the president announced, "Ordinance 209‑24 has finally passed." The council did not add new substantive language to the ordinance itself in the amendment; the change involved the required attachments and insertion of the approved school compensation agreement and dates.
Council recorded the adoption "as amended" and moved on to subsequent agenda items. The ordinance creates an urban redevelopment tax-increment equivalent fund and authorizes execution of a TIF agreement; specific project-level terms, the duration of tax exemptions, and annual service-payment schedules will be set in the TIF agreement and associated attachments already amended into the file.
Next steps identified during the meeting include execution of the TIF agreement and related documents and administrative processing to implement the tax-exemption terms specified in the ordinance and attachments. The transcript does not include the TIF developer's name or the full TIF agreement text; council emphasized that the school compensation agreement had been finalized and included as part of the adopted record.
