Explanation
BACKGROUND: The Council of the City of Columbus previously adopted an ordinance levying property assessed clean energy (“PACE”) special assessments on certain property located at 66 South Grant Avenue and 409 Oak Street and owned by Pizzuti Library Park Apartments Owner LLC. The special assessments repay and secure financing for special energy improvement projects installed at the property. The financing was provided by Cuyahoga River Capital LLC (“Cuyahoga River Capital”).
The Owner and Cuyahoga River Capital have notified the City that the financing provided for the special energy improvement projects has been prepaid in full and have requested that the City reduce the special assessments previously levied down to $0.00.
This legislation is to reduce the amount of the special assessments previously levied down to $0.00 and to cause the County Auditor to remove the special assessments from the tax bills for the property.
Emergency action is requested on this legislation to allow the reduction of the special assessments to be certified to the County Auditor before real property tax bills for tax year 2021 are prepared.
FISCAL IMPACT: No funding is required for this legislation.
Title
To remove special assessments previously levied for certain public improvements in the City of Columbus, Ohio in cooperation with the Columbus Regional Energy Special Improvement District (66 South Grant Avenue and 409 Oak Street Project); and to declare an emergency.
Body
WHEREAS, on June 10, 2019, this Council, by its Resolution No. 0184X-2019, approved a Petition for Special Assessments for Special Energy Improvement Projects and Affidavit (the “Petition”) and the Columbus Regional Energy Special Improvement District Program Plan-Supplement to Plan for 66 South Grant Avenue and 409 Oak Street, Columbus, Ohio Project (the “Supplemental Plan”) from Pizzuti Library Park Apartments Owner LLC (the “Owner”); and
WHEREAS, this Council (the “Council”) of the City...
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