The Board of Trustees of Miami Township, Clermont County, Ohio met in regular session at the Miami Township Civic Building on February 7, 2006 with the following members present: Edwin H. Humphrey, Ken Tracy and Mary Makley Wolff.
MRS. WOLFF made a motion to adopt the following Resolution:
RESOLUTION AUTHORIZING COMPENSATION TO BE PAID TO AFFECTED SCHOOL DISTRICTS IN CONNECTION WITH TAX EXEMPTIONS GRANTED PURSUANT TO SECTION 5709.73 OF THE OHIO REVISED CODE, DISPENSING WITH THE SECOND READING
WHEREAS, Section 5709.73 et seq. of the Ohio Revised Code authorizes townships to participate in a financing technique commonly known as tax increment financing; and
WHEREAS, this Board of Trustees (the "Board") has adopted
Resolution No. 2004-47 on December 7, 2004 and Resolutions No. 2005-59, No.
2005-60 and No. 2005-61 on December 30, 2005 utilizing the authority granted
pursuant to such Sections in granting certain property tax exemptions pursuant
to such Sections; and
WHEREAS, Section 5709.73 and 5709.75 of the Ohio Revised Code authorizes
townships to compensate affected school districts for potential lost property
taxes as a result of such tax exemptions; and
WHEREAS, this Board has determined that it is in the best interest of the
community to compensate affected school districts to the extent revenues are
available.
NOW, THEREFORE, BE IT RESOLVED by the Board of Township Trustees of Miami
Township, Clermont County, Ohio, by authority of Chapter 504 and Sections
5709.73, 5709.74 and 5709.75 of the Ohio Revised Code, as follows:
SECTION 1. That pursuant to Section 5709.75 of the Ohio Revised Code money in
any Tax Increment Equivalent Fund of the Township established pursuant to
Section 5709.74 of the Ohio Revised Code and Resolutions No. 2004-47, 2005-59,
2005-60 and 2005-61 may be used to make payments to the Milford Exempted Village
School District and Great Oaks Institute of Technology.
SECTION 2. That the Township Fiscal Officer is hereby authorized to make such
compensation payments to the Milford Exempted Village School District and Great
Oaks Institute of Technology, subject to availability of funds and proper
appropriation of such funds in the annual budget of the Township. Such
compensation payments shall not be in excess of the amounts permitted to be paid
to affected school districts pursuant to Ohio Revised Code Sections 5709.73 -
5709.75.
SECTION 3. The Board does hereby dispense with the requirement that this
Resolution be read on two separate days, pursuant to Section 504.10 of the Ohio
Revised Code, and authorizes the adoption of this Resolution upon its first
reading.
SECTION 4. That it is hereby found and determined that all formal actions of
this Board concerning and relating to the passage of this Resolution were taken
in an open meeting of this Board, and that all deliberations of this Board and
of any of its committees that resulted in such formal action were taken in
meetings open to the public, in compliance with all legal requirements including
Section 121.22 of the Ohio Revised Code.
SECTION 5. That this Resolution shall be effective at the earliest date allowed
by law.
First Reading: February 7, 2006
Second Reading: Dispensed with
Effective: March 9, 2006
MR. TRACY seconded the motion to adopt the Resolution. On the roll call being
called the vote resulted as follows:
Mr. Humphrey AYE
Mr. Tracy AYE
Mrs. Wolff AYE
Resolution 2006 - 10 adopted February 7, 2006.