Explanation
In December, 2008, pursuant to Ordinance No. 0260-2008 the City entered into a Tax Increment Financing Agreement with Pizutti Land LLC and Pizutti Rickenbacker West LLC which agreement provided for reimbursement of the costs of certain public improvements from future TIF revenues. One of the designated improvements is improvements to Shook Road. As part of that planned improvement addition right of way is needed. Pizutti Land LLC has agreed to advance to the City the funds needed to acquire the additional right of way. Pizutti will be reimbursed out of future TIF revenues. This ordinance authorizes an escrow agreement among the City Attorney, the City Auditor and Pizutti Land LLC for the deposit of the funds and payment of the costs of acquisition.
Fiscal Impact: None
Emergency Justification: Emergency passage is required in order to acquire the right of way timely as to not delay the project.
Title
To authorize the establishment of an escrow fund to be used for acquisition of land for the Shook Road Phase I; to authorize the City Auditor to act as escrow agent for this fund; and to declare an emergency.
Body
WHEREAS, the City of Columbus ("City") and Pizutti Land LLC entered into a Tax Increment Financing Agreement dated December 10, 2008 (the "TIF Agreement") as authorized by Ordinance 0260-2008, passed February 28, 2008; and
WHEREAS, acquisition of parcels of land are required to construct, a public improvement under the TIF Agreement Shook Road Phase I and Pizutti Land LLC has agreed to pay for the cost of the acquisitions subject to future reimbursement under the TIF Agreement; and
WHEREAS, the City and Pizutti now desire to enter into an escrow agreement to facilitate the acquisition of those parcels; and
WHEREAS, an emergency exists in that it is immediately necessary to authorize the City Attorney and the City Auditor to enter into an escrow agreement with Pizutti for the preservation of the public property, health, safety and welfare; now therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS
SECTION 1. That the City Attorney be, and he hereby is authorized to execute and deliver an escrow agreement by and between the City of Columbus and Pizutti Land LLC (the "Escrow Agreement") for the acquisition of those parcels necessary for the Shook Road Phase I Project.
SECTION 2. That the Auditor of the City of Columbus be, and he hereby is authorized to act as the Escrow Agent, as that term is defined and used in the Escrow Agreement, and to deposit those funds paid to the Escrow Agent per the Escrow Agreement to the appropriate fund and project account to be determined by the City Auditor.
SECTION 3. That for the reasons stated in the preamble hereto which is hereby made a part hereof, this Ordinance is declared to be an emergency measure and shall take effect and be in force from and after the passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.