Explanation
Background: Ordinance No. 2153-2005 authorized the City to enter into a Memorandum of Understanding dated February 23, 2006 with multiple developers as subsequently amended in 2010 and 2019 with authorization from City Council by Ordinance No. 0972-2010 (altogether, the “NE MOU”). City Council also passed Ordinance No. 2117-2005 establishing tax increment financing (TIF) incentive districts over those developers’ properties, which included the Village at Albany Crossing plats (the “Albany Crossing TIF”) Pursuant to the NE MOU, the City and those developers (including their successors) made certain commitments to each other including, but not limited to, funding with the aforesaid TIFs the design and construction of an extension of N. Hamilton Road from Central College Road to a location near the intersection of Walnut Street and Harlem Road (the “Hamilton Road Extension”). Ordinance Nos. 2579-2019 and 1688-2021 previously authorized the TIF financed construction of the partial lengthening of the Hamilton Road Extension to a point about 2,950 feet north of Central College Road.
A 480-unit multi-family development consisting of an approximately $55 million second phase with approximately 290-multi-family units and associated parking and amenities (the “VC Acres Phase 2”) has been proposed on or adjacent to Franklin County Parcel ID No. 010-302731 between the existing terminus of the Hamilton Road Extension and Walnut Street by Hamilton Road Apartments II, LLC (the “Developer”), an affiliate of Vision Development, Inc. Pursuant to the NE MOU, the Developer has requested the Albany Crossing TIF fund the next 600-foot addition of the Hamilton Road Extension, which is necessary for the development of VC Acres Phase 2. This Ordinance will authorize a tax increment financing agreement (the “TIF Agreement”) between the City and the Developer to reimburse the Developer for the next phase of the Hamilton Road Extension. This Ordinance will also appropriate and authorize the expenditure or transfer of the funds generated from the Albany Crossing TIF in accordance with the TIF Agreement.
Fiscal Impact: Funding is currently available in the Albany Crossing TIF Fund. The City is appropriating and authorizing the expenditure or transfer of funds deposited or to be deposited into the Albany Crossing TIF Fund.
Title
To appropriate and authorize the expenditure or transfer of funds deposited or to be deposited in the Albany Crossing TIF Fund pursuant to the following agreement; and to authorize the Director of the Department of Development to enter into the Tax Increment Financing Agreement between the City and Hamilton Road Apartments II, LLC to reimburse for the costs of public infrastructure improvements described thereunder benefiting the developer’s second phase of VC Acres on or adjacent or Franklin County Parcel ID No. 010-302731. ($0.00)
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WHEREAS, pursuant to R.C. Section 5709.40(C) and Ordinance No. 2117-2005, City Council created a tax increment financing (TIF) incentive district, amongst others, over the Village at Albany Crossing plats (the “Albany Crossing TIF”); and
WHEREAS, pursuant Ordinance No. 2153-2005, City Council authorized the City to enter into a Memorandum of Understanding dated February 23, 2006 with multiple developers as subsequently amended in 2010 and 2019 with authorization from City Council by Ordinance No. 0972-2010 (altogether, the “NE MOU”); and
WHEREAS, in accordance with the NE MOU, the City and those developers (including their successors) made certain commitments to each other including, but not limited to, funding with the aforesaid TIFs the design and construction of an extension of N. Hamilton Road from Central College Road to a location near the intersection of Walnut Street and Harlem Road (the “Hamilton Road Extension”); and
WHEREAS, Ordinance Nos. 2579-2019 and 1688-2021 previously authorized the TIF financed construction of the partial lengthening of the Hamilton Road Extension to a point about 2,950 feet north of Central College Road; and
WHEREAS, a 417-unit multi-family development consisting of an approximately $55 million second phase with approximately 219-multi-family units and associated parking and amenities (the “VC Acres Phase 2”) has been proposed on or adjacent to Franklin County Parcel ID No. 010-302731 between the existing terminus of the Hamilton Road Extension and Walnut Street by Hamilton Road Apartments II, LLC (the “Developer”), an affiliate of Vision Development, Inc.; and
WHEREAS, in adherence to the NE MOU, the Developer has requested the Albany Crossing TIF fund the next 600-foot addition of the Hamilton Road Extension, which is necessary for the development of VC Acres Phase 2; and
WHEREAS, in order for the City to reimburse the Developer for the next phase of the Hamilton Road Extension using the funds generated from the Albany Crossing TIF (the “Service Payments”), the City and the Developer will enter into a tax increment financing agreement (the “TIF Agreement”); and
WHEREAS, pursuant to the TIF Agreement, the City is appropriating and authorizing the expenditure or transfer of the Service Payments; and
WHEREAS, it has become necessary in the usual daily operation the VC Acres Phase 2 and the Hamilton Road Extension will provide support towards the creation of new housing units with increased accessibility to major employers and essential services and goods on the N. Hamilton Road and S.R. 161 corridors; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of the Department of Development or his or her designee (collectively, the “Director”), for and in the name of the City, is hereby authorized to execute and deliver the TIF Agreement with Hamilton Road Apartments II, LLC presently on file with the Director, along with any changes or amendments thereto not inconsistent with this Ordinance and not substantially adverse to the City and which shall be approved by the Director and the City Attorney, provided that the approval of such changes and amendments thereto, and the character of those changes and amendments as not being substantially adverse to the City, shall be evidenced conclusively by the execution of said TIF Agreement by the Director.
SECTION 2. That the Director or other appropriate officers of the City are authorized to take all actions as may be necessary to implement this Ordinance and the transactions contemplated by the TIF Agreement including executing the “Subsequent Agreements,” as further defined in the TIF Agreement, for the Hamilton Road Extension.
SECTION 3. That the Service Payments deposited or to be deposited into the Albany Crossing TIF Fund (the “TIF Fund”) shall be deemed appropriated for the purposes set forth in the TIF Agreement and authorized to be expended therefrom in accordance with the TIF Agreement, and the City Auditor is authorized to make payments to the Developer, or its designee, from the Service Payments in the TIF Fund in accordance with the TIF Agreement upon order of the Director, and that no order shall be drawn or money paid except by voucher, the form of which shall be approved by the City Auditor.
SECTION 4. That the City Auditor is authorized to make annual transfers of up to $5,000 per each outstanding TIF under the TIF Agreement from the Service Payments in the TIF Fund to the Business Tax Incentive Fund (Fund 2229), subject to the authorization of the Director, for the “City TIF Administrative Fee” in accordance with the TIF Agreement and Ordinance No. 1837-2025.
SECTION 5. That funds are hereby deemed appropriated and expenditures and transfers authorized to carry out the purposes of this ordinance and the City Auditor shall establish such accounting codes as necessary.
SECTION 6. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this ordinance.
SECTION 7. That the City Auditor is hereby authorized to transfer the unencumbered balance in a project account to the unallocated balance account within the same fund upon receipt of certification by the Director of the Department administering said project that the project has been completed and the monies are no longer required for said project.
SECTION 8. That this Ordinance shall take effect and be in force from and after the earliest period allowed by law.