Explanation
Background: Columbus City Council passed Ordinance 2117-2005 on December 12, 2005, creating ten tax increment financing (TIF) incentive districts in the City’s Northeast Pay As We Grow Area. Certain costs of the creation of those incentive districts were paid by M/I Homes of Central Ohio, LLC and are reimbursable from TIF service payments in lieu of taxes generated by the TIF incentive districts. This ordinance authorizes the Director of Development to enter into an agreement to reimburse M/I Homes for those costs.
Emergency action is necessary to make timely payments of reimbursements which are due.
Fiscal Impact: Funding for this agreement is allocated from the Upper Albany West Tax Equivalent Fund (Fund No. 443) created by Ordinance 2117-2005.
Title
To authorize the appropriation of $23,941.59 from the Upper Albany West Tax Equivalent Fund to the Department of Development; to authorize the Director of the Department of Development to execute and deliver a Reimbursement Agreement with M/I Homes of Central Ohio, LLC to reimburse that company for costs of establishing the City’s Northeast Pay As We Grow TIF incentive districts; to authorize the expenditure of $23,941.59 from the Upper Albany West Tax Equivalent Fund; and to declare an emergency. ($23,941.59)
Body
WHEREAS, the City, by its Ordinance 2117-2005 adopted by City Council on December 12, 2005 (the “TIF Ordinance”), identified certain public infrastructure improvements (as further defined in the TIF Ordinance, the “Public Improvements”) that directly benefit the parcels identified in the TIF Ordinance and required the owners of those parcels to make service payments in lieu of taxes to pay for the Public Improvements; and
WHEREAS, the Public Improvements include costs of preparing the TIF Ordinance and establishing the incentive districts created by the TIF Ordinance, and M/I Homes of Central Ohio, LLC (the “Developer”) is now seeking reimbursement for those costs which it has p...
Click here for full text