Effective: March 21, 1984
Latest Legislation: House Bill 30 - 115th General Assembly
A municipal corporation may establish an urban redevelopment tax increment equivalent fund, by resolution or ordinance of its legislative authority, into which shall be deposited service payments in lieu of taxes distributed to the municipal corporation by the county treasurer as provided in section 1728.111 of the Revised Code. Moneys deposited in the urban redevelopment tax increment equivalent fund shall be used for such purposes as are authorized in the resolution or ordinance establishing the fund. Any incidental surplus remaining in the urban redevelopment tax increment equivalent fund upon its dissolution shall be transferred to the general fund of the municipal corporation.
Structure Ohio Revised Code
Title 17 | Corporations-Partnerships
Chapter 1728 | Community Redevelopment Corporations
Section 1728.01 | Community Redevelopment Corporation Definitions.
Section 1728.02 | Required Provisions in Articles of Incorporation.
Section 1728.03 | Sale of Blighted Area Land.
Section 1728.04 | Restrictions on Business Activities.
Section 1728.05 | Loans, Guarantees, Acquisitions.
Section 1728.06 | Written Application to Municipal Corporation for Approval of Project.
Section 1728.07 | Form of Financial Agreement for Approved Project.
Section 1728.08 | Permissible Provisions in Financial Agreement.
Section 1728.09 | Representations and Covenants as to Management or Operation of Project.
Section 1728.10 | Exemption From Taxation.
Section 1728.11 | Semi-Annual Service Charge in Lieu of Taxes.
Section 1728.111 | Annual Service Charge in Lieu of Taxes.
Section 1728.112 | Urban Redevelopment Tax Increment Equivalent Fund.