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Wadsworth delays final TIF financing agreement, asks for additional review
Summary
Council reviewed the cooperative agreement that would let a developer borrow through the Medina County Port Authority while the City controls disbursements; staff asked for an additional reading after outside counsel reviewed the agreement late.
Service Director Matt Hiscock described the final TIF-related ordinance for the Advance Property development: the developer would issue debt through the Medina County Port Authority and the funds would be held in a bank account and released by the City as project milestones are completed.
"They borrow the money but we control the money, so when they've completed those projects, that money is released so that they can pay those bills off," Hiscock said, explaining the mechanics of the cooperative agreement. The City’s specialized Columbus attorney raised questions after receiving the draft late, and staff requested at least one more reading for counsel to provide additional input. Council assigned the ordinance number but delayed final approval pending further legal review.
