Ohio § 1724.10

§ 1724.10.

(A) A community improvement corporation may be designated: (1) By a county, one or more townships, one or more municipal corporations, two or more

adjoining counties, or any combination of the foregoing as the agency of each such

political subdivision for the industrial, commercial, distribution, and research development

in such political subdivision when the legislative authority of such political subdivision

has determined that the policy of the political subdivision is to promote the health,

safety, morals, and general welfare of its inhabitants through the designation of

a community improvement corporation as such agency; (2) Solely by a county as the agency for the reclamation, rehabilitation, and reutilization

of vacant, abandoned, tax-foreclosed, or other real property in the county; (3) By any political subdivision as the agency for the reclamation, rehabilitation, and

reutilization of vacant, abandoned, tax-foreclosed, or other real property within

the political subdivision if the subdivision enters into an agreement with the community

improvement corporation that is the agency of a county, under division (A)(2) of this

section, designating the corporation as the agency of the political subdivision. (B) Designations under this section shall be made by the legislative authority of the

political subdivision by resolution or ordinance.  Any political subdivision which has designated a community improvement corporation

as such agency under this section may enter into an agreement with it to provide any

one or more of the following: (1) That the community improvement corporation shall prepare a plan for the political

subdivision of industrial, commercial, distribution, and research development, or

of reclamation, rehabilitation, and reutilization of vacant, abandoned, tax-foreclosed,

or other real property, and such plan shall provide therein the extent to which the

community improvement corporation shall participate as the agency of the political

subdivision in carrying out such plan.  Such plan shall be confirmed by the legislative authority of the political subdivision.  A community improvement corporation may insure mortgage payments required by a first

mortgage on any industrial, economic, commercial, or civic property for which funds

have been loaned by any person, corporation, bank, or financial or lending institution

upon such terms and conditions as the community improvement corporation may prescribe.  A community improvement corporation may incur debt, mortgage its property acquired

under this section or otherwise, and issue its obligations, for the purpose of acquiring,

constructing, improving, and equipping buildings, structures, and other properties,

and acquiring sites therefor, for lease or sale by the community improvement corporation

in order to carry out its participation in such plan.  Except as provided for in division (C) of section 307.78 of the Revised Code , any such debt shall be solely that of the corporation and shall not be secured by

the pledge of any moneys received or to be received from any political subdivision.  All revenue bonds issued under sections 1724.02 and 1724.10 of the Revised Code are lawful investments of banks, savings and loan associations, deposit guarantee

associations, trust companies, trustees, fiduciaries, trustees or other officers having

charge of sinking or bond retirement funds of municipal corporations and other subdivisions

of the state, and of domestic insurance companies notwithstanding sections 3907.14 and 3925.08 of the Revised Code .  Not less than two-fifths of the governing board of any economic development corporation

designated as the agency of one or more political subdivisions shall be composed of

mayors, members of municipal legislative authorities, members of boards of township

trustees, members of boards of county commissioners, or any other appointed or elected

officers of such political subdivisions, provided that at least one officer from each

political subdivision shall be a member of the governing board.  Membership on the governing board of a community improvement corporation does not

constitute the holding of a public office or employment within the meaning of sections 731.02 and 731.12 of the Revised Code or any other section of the Revised Code.  The board of directors of a county land reutilization corporation shall be composed

of the members set forth in section 1724.03 of the Revised Code .  Membership on such governing boards shall not constitute an interest, either direct

or indirect, in a contract or expenditure of money by any municipal corporation, township,

county, or other political subdivision.  No member of such governing boards shall be disqualified from holding any public

office or employment, nor shall such member forfeit any such office or employment,

by reason of membership on the governing board of a community improvement corporation

notwithstanding any law to the contrary. Actions taken under this section shall be in accordance with any applicable planning

or zoning regulations. Any agreement entered into under this section may be amended or supplemented from

time to time by the parties thereto. An economic development corporation designated as the agency of a political subdivision

under this section shall promote and encourage the establishment and growth in such

subdivision of industrial, commercial, distribution, and research facilities.  A county land reutilization corporation designated as the agency of a political

subdivision in an agreement between a political subdivision and a corporation shall

promote the reclamation, rehabilitation, and reutilization of vacant, abandoned, tax-foreclosed,

or other real property in the subdivision. (2) Authorization for the community improvement corporation to sell or to lease any real

property or interests in real property owned by the political subdivision determined

from time to time by the legislative authority thereof not to be required by such

political subdivision for its purposes, for uses determined by the legislative authority

as those that will promote the welfare of the people of the political subdivision,

stabilize the economy, provide employment, assist in the development of industrial,

commercial, distribution, and research activities to the benefit of the people of

the political subdivision, will provide additional opportunities for their gainful

employment, or will promote the reclamation, rehabilitation, and reutilization of

vacant, abandoned, tax-foreclosed, or other real property within the subdivision.  The legislative authority shall specify the consideration for such sale or lease

and any other terms thereof.  Any determinations made by the legislative authority under this division shall be

conclusive.  The community improvement corporation acting through its officers and on behalf

and as agent of the political subdivision shall execute the necessary instruments,

including deeds conveying the title of the political subdivision or leases, to accomplish

such sale or lease.  Such conveyance or lease shall be made without advertising and receipt of bids.  A copy of such agreement shall be recorded in the office of the county recorder

of any county in which real property or interests in real property to be sold or leased

are situated prior to the recording of a deed or lease executed pursuant to such agreement. (3) That the political subdivision executing the agreement will convey to the community

improvement corporation real property and interests in real property owned by the

political subdivision and determined by the legislative authority thereof not to be

required by the political subdivision for its purposes and that such conveyance of

such real property or interests in real property will promote the welfare of the people

of the political subdivision, stabilize the economy, provide employment, assist in

the development of industrial, commercial, distribution, and research activities to

the benefit of the people of the political subdivision, provide additional opportunities

for their gainful employment or will promote the reclamation, rehabilitation, and

reutilization of vacant, abandoned, tax-foreclosed, or other real property in the

subdivision, for the consideration and upon the terms established in the agreement,

and further that as the agency for development or land reutilization the community

improvement corporation may acquire from others additional real property or interests

in real property, and any real property or interests in real property so conveyed

by it for uses that will promote the welfare of the people of the political subdivision,

stabilize the economy, provide employment, assist in the development of industrial,

commercial, distribution, and research activities required for the people of the political

subdivision and for their gainful employment or will promote the reclamation, rehabilitation,

and reutilization of vacant, abandoned, tax-foreclosed, or other real property in

the subdivision.  Any conveyance or lease by the political subdivision to the community improvement

corporation shall be made without advertising and receipt of bids.  If any real property or interests in real property conveyed by a political subdivision

under this division are sold by the community improvement corporation at a price in

excess of the consideration received by the political subdivision from the community

improvement corporation, such excess shall be paid to such political subdivision after

deducting, to the extent and in the manner provided in the agreement, the costs of

such acquisition and sale, taxes, assessments, costs of maintenance, costs of improvements

to the real property by the community improvement corporation, service fees, and any

debt service charges of the corporation attributable to such real property or interests.