Explanation
Background: City Council passed Ordinance No. 1301-2010 establishing a tax increment financing area benefiting parcels near 3rd Avenue and Olentangy River Road (the “3rd & Olentangy TIF”) pursuant to Section 5709.40(B) of the Ohio Revised Code. City Council, by Ordinance No. 2130-2011, authorized the Director of the Department of Development to enter into a Tax Increment Finance Agreement dated July 12, 2012 (the “Original Agreement”) with NRI Equity Land Investments, LLC to provide for the construction and financing of certain public improvements within and around the 3rd & Olentangy TIF. City Council subsequently passed Ordinance Nos. 0587-2013, 2415-2016, and 1046-2018 to authorize the City to enter into a first amendment, a second amendment, and a third amendment to the Original Agreement to clarify project financing. This Ordinance will authorize the Director of the Department of Development to execute a fourth amendment to the Original Agreement. This fourth amendment will allow the City the opportunity to increase the supply of affordable housing units within the 3rd & Olentangy TIF by being able to take legislative action related to community reinvestment areas pursuant to Sections 3735.65 through 3735.70 within the 3rd & Olentangy TIF while at the same time still allowing the developer to be reimbursed prior to the expiration of the 3rd & Olentangy TIF exemption.
Emergency Justification: Emergency action is requested to allow this fourth amendment to be quickly executed, which will remove any possibility of the City being in immediate conflict with the terms and conditions under the Original Agreement thereby reducing and removing the likelihood of any liability.
Fiscal Impact: No City funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a fourth amendment to the Tax Increment Finance Agreement dated July 12, 2012 with NRI Equity Land Investments, LLC to allow the City the ability to take additional legislative action related to community reinvestment areas pursuant to Sections 3735.65 through 3735.70 within the 3rd & Olentangy TIF area, which provides the opportunity to increase the number of affordable housing units therein; and to declare an emergency. ($0.00)
Body
WHEREAS, pursuant to Ordinance No. 1301-2010 passed on October 4, 2010, City Council created a tax increment financing area in the vicinity of 3rd Avenue and Olentangy River Road (the “3rd & Olentangy TIF”); and
WHEREAS, City Council passed Ordinance No. 2130-2011 on December 5, 2011 authorizing the City to enter into a Tax Increment Financing Agreement dated July 12, 2012 (the “Original Agreement”) with NRI Equity Land Investments, LLC for the construction and reimbursement of road improvements and other capital improvements in and around the 3rd & Olentangy TIF; and
WHEREAS, City Council subsequently passed Ordinance Nos. 0587-2013, 2415-2016, and 1046-2018 to authorize the City to enter into a first amendment, a second amendment, and a third amendment to the Original Agreement to clarify the public project financing; and
WHEREAS, the City and the Developer now desire to amend the Original Agreement a fourth time, which will allow the City the opportunity to increase the supply of affordable housing units within the 3rd & Olentangy TIF by the City being able to take legislative action related to community reinvestment areas pursuant to Sections 3735.65 through 3735.70 within the 3rd & Olentangy TIF while at the same time still allowing the developer to still be reimbursed prior to the expiration of the 3rd & Olentangy TIF exemption; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in order to allow the Director of the Department of Development to quickly execute the Fourth Amendment to Tax Increment Financing Agreement, which will remove any possibility of the City being in immediate conflict with the terms and conditions under the Original Agreement thereby reducing and removing the likelihood of any liability, all for the immediate preservation of the public health, peace, property, safety and welfare; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That for the reasons stated herein, the Director of the Department of Development, or his or her authorized designee (altogether, the “Director”), on behalf of the City, is authorized to enter into the Fourth Amendment to Tax Increment Financing Agreement presently on file with the Department of Development, 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 not being substantially adverse to the City, shall be evidenced conclusively by the execution and delivery thereof, that such changes are not inconsistent or adverse to the City.
Section 2. That for the reasons stated in the preamble hereto, 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 the passage if the Mayor neither approves nor vetoes the same.