Explanation
Background: Within the Arena District, City Council through its legislation has established multiple tax increment financing (TIF) areas pursuant to Sections 5709.40 and 5709.41 of the Ohio Revised Code (collectively, the “Arena District TIFs”). City Council previously authorized the Director of Development (the “Director”) to enter into a Reimbursement Agreement dated September 17, 2009 as amended by the First Amended to Reimbursement Agreement dated June 14, 2012 and the Second Amendment to Reimbursement Agreement dated August 22, 2016 (collectively, the “2009 Reimbursement Agreement”) with NWD Investments, LLC (the “Developer”). City Council then passed Ordinance 2043-2019 to authorize the Director to amend and restate the 2009 Reimbursement Agreement and enter into the “Amended and Restated TIF Reimbursement Agreement” dated October 31, 2019 (and together with the 2009 Reimbursement Agreement, the “Arena District TIF Agreement”). City Ordinances 1554-2008, 1648-2016, 3166-2019, 3167-2019, 3169-2019, and 3170-2019 have appropriated the Arena District TIFs funds for authorized expenditure in accordance with the Arena District TIF Agreement, which contemplated the need for subsequent agreements and instruments (the “Subsequent Agreements”) with the Developer or its designee for the public infrastructure improvements and urban redevelopment. This legislation amends Ordinance 2043-2019 to authorize the Director or other appropriate officers of the City to execute the Subsequent Agreements and to authorize the Director or other appropriate officers of the City to take all actions as may be necessary to implement this Ordinance and the transactions contemplated by either the Arena District TIF Agreement or the Subsequent Agreements.
Emergency Justification:
Emergency legislation is requested in order to allow the City and Developer to immediately enter into subsequent agreements and instruments for implementation of the Arena District TIF Agreement, which will preserve the public peace, health, property, safety, and welfare.
Fiscal Impact: No City funding is required for this legislation.
Title
To amend Ordinance 2043-2019 to authorize the Director or other appropriate officers of the City to execute any subsequent agreements and instruments with NWD Investments, LLC or its designee pursuant to the Arena District TIF Agreement; to amend Ordinance 2043-2019 to authorize the Director or other appropriate officers of the City to take all actions as may be necessary to implement this Ordinance and the transactions contemplated by either the Arena District TIF Agreement or any subsequent agreements and instruments; and to declare an emergency.
Body
WHEREAS, within the Arena District, City Council through its legislation has established multiple TIFs pursuant to Sections 5709.40 and 5709.41 of the Ohio Revised Code (the “Arena District TIFs”); and
WHEREAS, City Council previously authorized the Director of Development (the “Director”) to enter into a Reimbursement Agreement dated September 17, 2009 as amended by the First Amended to Reimbursement Agreement dated June 14, 2012 and the Second Amendment to Reimbursement Agreement dated August 22, 2016 (collectively, the “2009 Reimbursement Agreement”) with NWD Investments, LLC (the “Developer”); and
WHEREAS, pursuant to Ordinance 2043-2019, City Council authorized the Director to amend and restate the 2009 Reimbursement Agreement and enter into the “Amended and Restated TIF Reimbursement Agreement” dated October 31, 2019 (and together with the 2009 Reimbursement Agreement, the “Arena District TIF Agreement”); and
WHEREAS, City Ordinances 1554-2008, 1648-2016, 3166-2019, 3167-2019, 3169-2019, and 3170-2019 have appropriated the Arena District TIFs funds for authorized expenditure in accordance with the Arena District TIF Agreement, which contemplated the need for subsequent agreements and instruments with the Developer or its designee (the “Subsequent Agreements”); and
WHEREAS, as contemplated in the Arena District TIF Agreement, it is necessary to amend Ordinance 2043-2019 to authorize the Director or other appropriate officers of the City to enter into any Subsequent Agreements, and to authorize the Director or other appropriate officers of the City to take all actions as may be necessary to implement this Ordinance and the transactions contemplated by either the Arena District TIF Agreement or the Subsequent Agreements; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development such that it is immediately necessary to authorize the Director to enter into the Subsequent Agreements for implementation of the Arena District TIF Agreement with the Developer, which will preserve the public peace, health, property, safety, and welfare; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That Ordinance 2043-2019 is hereby amended as follows to add the following new SECTIONS 3 and 4 after the current SECTION 2 and to amend the former SECTION 3 as the new SECTION 5:
SECTION 3. That the Director of Development (the “Director”) or other appropriate officers of the City are authorized to execute with NWD Investments, LLC (the “Developer”) or its designee any subsequent agreements and instruments (the “Subsequent Agreements”) as contemplated in the Amended and Restated TIF Reimbursement Agreement (the “Arena District TIF Agreement”) along with any changes, amendments, modifications, or supplements thereto not inconsistent with this Ordinance or the Arena District TIF Agreement and not substantially adverse to the City and which shall be approved by either the Director or other appropriate officer of the City and the City Attorney, provided that the approval of such changes, amendments, modifications, and supplements thereto by the Director or other appropriate officer of the City, and the character of those changes, amendments, modifications, and supplements not being substantially adverse to the City, shall be evidenced conclusively by the Director’s or other appropriate officer’s execution and delivery thereof.
SECTION 4. That the Director or other appropriate officers of the City are authorized to take all actions as may be necessary to implement this Ordinance, the Arena District TIF Agreement, and any Subsequent Agreements and the transactions contemplated by the Arena District TIF Agreement and any Subsequent Agreements.
SECTION 35. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.
SECTION 2. That for the reason stated in the preamble here to, which is hereby made a part hereof, this Ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.