7. ORDINANCE 25-2025 - AN ORDINANCE to take effect immediately provided it receives the affirmative vote of at least two thirds of the members of Council declaring improvement to real property within the City of Lakewood, Ohio to be a public purpose; exempting such improvement from real property taxation; requiring the owners of the property to make service payments in lieu of real property taxes; establishing an urban redevelopment tax increment equivalent fund for the deposit of service payments, making related authorizations pursuant to Ohio Revised Code Sections 5709.41, 5709.42, 5709.43 and 5709.83; and authorizing a service payment agreement in connection with the same. (1st read & referred to COW 7/21/25; 2nd reading 9/2/25) (pg. 23)

Meeting: Regular Council Meeting

Meeting Time: September 15, 2025 at 7:30pm EDT

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Agenda Item

7. ORDINANCE 25-2025 - AN ORDINANCE to take effect immediately provided it receives the affirmative vote of at least two thirds of the members of Council declaring improvement to real property within the City of Lakewood, Ohio to be a public purpose; exempting such improvement from real property taxation; requiring the owners of the property to make service payments in lieu of real property taxes; establishing an urban redevelopment tax increment equivalent fund for the deposit of service payments, making related authorizations pursuant to Ohio Revised Code Sections 5709.41, 5709.42, 5709.43 and 5709.83; and authorizing a service payment agreement in connection with the same. (1st read & referred to COW 7/21/25; 2nd reading 9/2/25) (pg. 23)

25-2025 - Downtown Development - TIF Ordinance(19642852.6)

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Meeting: Regular Council Meeting

Agenda Item