Ohio § 725.04

§ 725.04.

A development agreement shall contain an agreement binding on the owner or owners

of the improvements, and all subsequent owners of the improvements, to make semiannual

urban renewal service payments, in lieu of taxes upon the improvements during the

exemption period, equal annually in the aggregate to the amount of real property taxes

that would have been paid on the portion of the assessed valuation of the improvements

declared to be a public purpose had an exemption period not been specified by the

municipal corporation.  A development agreement may contain an obligation binding on the owner or owners

of the improvements, and all subsequent owners of the improvements, to make a semiannual

urban renewal service payment in an amount that is higher than the amount of real

property taxes that would have been paid on the assessed valuation of the improvements

had an exemption period not been specified by the municipal corporation.  All semiannual urban renewal service payments shall be collected at the same time

that real property taxes are collected.  The entire amount of these urban renewal service payments, when collected, shall

be deposited in an urban renewal debt retirement fund established pursuant to section 725.03 of the Revised Code . If the municipal corporation owns the improvements, it may require the lessee of the

improvements to make the semiannual urban renewal service payments required under

this section. The legislative authority of the municipal corporation may secure the urban renewal

service payments by a lien on the improvements.  Such a lien shall attach, and may be perfected, collected, and enforced, in the

same manner as a mortgage lien on real property, and shall otherwise have the same

force and effect as a mortgage lien on real property.