Ohio Code § 1728.04
Ohio Code § 1728.04. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 1728.04.
(A) So long as a community urban redevelopment corporation is obligated under a financial
agreement with a municipal corporation made pursuant to section 1728.07 of the Revised Code , it shall engage in no business other than the acquisition, ownership, construction,
operation, and management of such project or projects. (B) The corporation shall not voluntarily transfer the project undertaken by it under
Chapter 1728. of the Revised Code, until it has first removed both itself and the
project from all restrictions under such chapter in the manner set forth. The foregoing restriction shall not be applied to prevent the transfer of a project
to another community urban redevelopment corporation which, with the consent of the
municipal corporation in which the project is located, assumes all the contractual
obligations of the transferor corporation under its financial agreement with the municipal
corporation, nor to prevent the transfer of a portion of the project as to which the
tax exemption has terminated pursuant to section 1728.12 of the Revised Code , nor to prevent the operation and management of all or a portion of a project by
the lease thereof to a lessee approved by the governing body of the municipal corporation,
which lessee need not be a community urban redevelopment corporation, under terms
and conditions approved by the governing body of the municipal corporation, which
terms and conditions may include an option or agreement to purchase at a minimal price
at not earlier than the termination of the financial agreement. (C) If a corporation frees itself and its project from the restrictions of Chapter 1728.
of the Revised Code, and its financial agreement with the municipal corporation, in
the manner provided in such chapter, it shall no longer exercise any of the powers,
or be subject to any of the restrictions contained in Chapter 1728. of the Revised
Code with respect to that project. (D) When a corporation, with the consent of the municipal corporation in which its project
is located, has transferred its project to another such corporation which has assumed
the contractual obligations of the transferor corporation with the municipal corporation,
the transferor corporation shall be discharged from any further obligation under the
said financial agreement.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 1728.04
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
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Common questions
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What subject does Ohio Revised Code § 1728.04 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
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