Ohio Code 1710.14 – Contributions from municipal corporation that created downtown redevelopment district
The board of directors of a special improvement district in which all or part of a downtown redevelopment district is located may accept contributions from the municipal corporation that created the downtown redevelopment district pursuant to division (E)(2) of section 5709.45 of the Revised Code. The board shall use all such contributions to promote the downtown redevelopment district to potential business patrons, to recruit businesses to relocate or expand to the downtown redevelopment district, and to attract and promote events and activities that generate revenue or enhance public welfare within the downtown redevelopment district. The board shall periodically report to the legislative authority of the municipal corporation on the expenditure of the contributions and plans for the utilization of future contributions. If any contributions received by a special improvement district under this section remain after the dissolution or expiration of the downtown redevelopment district, the board shall pay the remaining amount to the contributing municipal corporation, which shall credit the money to its general fund.
Terms Used In Ohio Code 1710.14
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Special improvement district: means a special improvement district organized under this chapter. See Ohio Code 1710.01