Explanation
BACKGROUND: The City, with Franklin County, Confluence Community Authority, Crew SC Development Company, LLC, and Crew SC Stadium Company, LLC, entered into a Development Agreement and First Amendment authorized by Ordinance 1730-2019 and Second Amendment authorized by Ordinance 1492-2021 (all three collectively, the “EDA”). The parties made commitments relating to the development of a new multi-purpose sports, entertainment, cultural and recreational facility (the “Stadium”); a project containing mixed-use retail, entertainment, residential, hospitality, office and/or commercial uses (the “Mixed-Use Development” and together with the Stadium, the “Project”); and the adjacent structured parking (the “Parking Facility”) near the western terminus of Nationwide Boulevard and the Olentangy River. In order to further implement the EDA, Ordinance 2545-2020 (the “TIF Ordinance”) was passed by City Council to amend for a second time Ordinance 1648-2016, which established the “Jaeger TIF,” to remove additional parcels from those remaining in the Jaeger TIF in order to establish the new “Stadium 41 TIF” with some of the new parcels removed from the Jaeger TIF. The non-school portion of the Stadium 41 TIF service payments will be paid to the City for deposit into the new Stadium 41 TIF Fund to be used to finance the development of the Project and other approved purposes pursuant to the TIF & Cooperative Agreement between the City, the Confluence Community Authority, and Confluence Development, LLC (the “TIF Agreement”) authorized by Ordinance 2571-2020. Pursuant to the TIF Agreement, those parties agreed the City would amend the TIF Ordinance in order to remove the “Parking Facility Parcel,” as that term is defined in the EDA, from the Stadium 41 TIF area. Now that the Parking Facility Parcel (Parcel No. 010-303974 or also shown as Lot Number “6” on Instrument No. 202110250194046 titled the “Astor Park Garage and Cahill Drive” attached hereto as Exhibit A) has be...
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