Ordinance 74 received its first reading Oct. 23 as the council continued tax increment financing (TIF) procedures for the Holiday Inn property at Girl Scout Way.

The ordinance text presented by the clerk references Ohio Revised Code sections 509.40, 509.42 and 509.43 and "declaring improvements to certain parcels of real property to be a public purpose" and establishing a municipal public improvement tax increment equivalent fund. Director Maris described the measure as continuing the city's TIF program for the Holiday Inn and said it would capture service payments in lieu of taxes to fund public infrastructure improvements in that area.

Council offered the ordinance for first reading by title; staff noted later steps will follow statutory notice and review requirements. No vote to adopt was taken at this meeting; further readings and statutory procedures remain to be completed before any service payments are captured.