Explanation
1. BACKGROUND
This ordinance authorizes the Director of the Department of Public Service to enter into a Guaranteed Maximum Reimbursement and Construction Contribution Agreement, along with future amendments for contribution agreements if needed, with Nationwide Realty Investors, Ltd. (NRI) for purposes of NRI contributing construction funds for the Roadway Improvements - Neil Avenue project, to reimburse NRI for design costs for said project, and to refund any unused deposit to NRI.
Reimbursement to NRI for design costs shall be from 2011 CIB funds and paid via warrant from a purchase order. Reimbursement to NRI for construction costs shall be paid via a previously executed Tax Increment Financing agreement. Refunds of deposited funds shall be from funds deposited.
The City entered into a Tax Increment Financing Agreement (the “TIF Agreement”) with NRI pursuant to Ordinance No. 2356-98 and Ordinance No. 2357-98 passed by its City Council on September 14, 1998, Ordinance No. 2092-01 and Ordinance No. 2093-01 passed on December 17, 2001 (the “Original TIF Ordinances”) as amended by Ordinance No. 1534-2011 and Ordinance No. 1535-2011 passed by its City Council on September 26, 2011.
On September 17, 2009, the City and NRI entered into a TIF Agreement amendment under the authority of Ordinance No. 1554-2008 passed by its City Council on October 20, 2008, to pay costs of additional public infrastructure improvements in the Nationwide Arena District TIF, Pen Site TIF, Pen West East TIF and Pen West West TIF agreement areas.
As part of the City and NRI’s commitment to the ongoing development of the Arena District, the parties continue to collaborate through the Public-Private Partnership Process (3P), on the design and construction of TIF-eligible public infrastructure improvement projects that support private development activities.
The Roadway Improvements - Neil Avenue, Project No. 440104-100009 consists of the next phase of roadway improvements...
Click here for full text