Explanation
BACKGROUND: Council, by Ordinance 2172-2005 passed on December 12, 2005, approved the creation of the Short North Incentive District. Service payments in lieu of taxes made with respect to improvements within the Incentive District are diverted to the Short North Tax Equivalent Fund held by the City and are intended to finance public infrastructure improvements in and around the Short North area, including one or more public parking facilities.
This ordinance authorizes the Director of Development to enter into a Tax Increment Financing and Cooperative Agreement with the Columbus-Franklin County Finance Authority, E.W. High Street, LLC and E.W. Hubbard High, LLC to finance the acquisition and construction of a 250 space public parking facility. This agreement requires the City to pay a portion of the service payments in lieu of taxes and property tax rollback payments deposited into the Short North Tax Equivalent Fund to the Finance Authority in exchange for the Finance Authority’s issuance of bonds to pay for the public parking facility. The ordinance also authorizes the Director of Development to enter into a Tax Lien Agreement with the Franklin County Treasurer to provide for the collection of delinquent service payments in lieu of taxes in the Incentive District. Both are pursuant to and in furtherance of an existing agreement between the City and E.W. High Street, LLC for the development of the public parking facility.
This legislation is requested to be considered as emergency in order to allow the entities involved to execute the Cooperative Agreement and begin construction as quickly as possible.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Tax Increment Financing and Cooperative Agreement with the Columbus-Franklin County Finance Authority, E.W. High Street, LLC and E.W. Hubbard High, LLC and a Tax Lien Agreement with the Franklin County Treasurer to provid...
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