Explanation
Background: This Council passed Ordinance No. 3064-99 on December 13. 1999 (the TIF Ordinance) declaring as a public purpose improvements to parcels of certain real property located within the City's Gateway Area (the TIF Area, as described and depicted in the TIF Ordinance) which is being redeveloped by Campus Partners for Community Urban Redevelopment (Campus Partners). The TIF Ordinance provides for a 100% exemption on all development within the TIF Area for a period of not more than 30 years, and for payments to the Columbus Public School District in the amount of real property taxes that School District would have received without that exemption. The remaining annual service payments in lieu of taxes received in respect of development within the TIF Area will be paid into the Gateway Municipal Public Improvement Tax Increment Equivalent Fund (the TIF Fund) created by the TIF Ordinance to fund structured parking and related public improvements supporting the redevelopment of the Gateway Area, all as previously identified in the TIF Ordinance.
The attached ordinance approves and authorizes a Tax Increment Financing Agreement (the Agreement) by and between the City and Campus Partners to implement that TIF funding of structured parking.
Fiscal Impact: The City has foregone the real property tax revenue that it would have received in respect of development within the Gateway Area. Instead, that revenue has been diverted to the TIF Fund, and shall be applied and distributed pursuant to the Agreement to promote the further redevelopment of the Gateway Area
Title
An ordinance approving and authorizing the Director of Development to execute a Tax Increment Finance Agreement with Campus Partners for Community Urban Redevelopment in furtherance of the redevelopment and revitalization of the Gateway Area.
Body
WHEREAS, pursuant to Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43, this Council on December 13, 1999 passed Ordinance No. 3064-99 (the TIF Ordinance) declaring improvements to parcels of certain real property located in the City (as described and depicted in the TIF Ordinance and referred to therein as the Property) and subject to redevelopment by Campus Partners For Community Urban Redevelopment (Campus Partners) to be a public purpose, exempting those improvements from real property taxation for a period of time, specifying public infrastructure improvements (as described in the TIF Ordinance and referred to therein as the Public Improvements) to be made to benefit those parcels, providing for the making of service payments in lieu of taxes (the Service Payments) by the owner(s) thereof, providing for payments to the Columbus Public School District in the amount of the real property taxes that School District would have been paid if the improvements had not be exempted from taxation pursuant to that TIF Ordinance, and establishing a municipal public improvement tax increment equivalent fund into which the remaining Service Payments are to be deposited; and
WHEREAS, this Council now desires to authorize the execution of a tax increment financing agreement by and between the City and Campus Partners to further provide for the application and payment of those Service Payments received by the City in respect of the Property; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Tax Increment Financing Agreement (the Agreement) by and between the City and Campus Partners, in the form presently on file with the Clerk of Council, providing for, among other things, the receipt and application of those Service Payments, is hereby approved and authorized. The Director of Development is hereby authorized to execute that Agreement. This Council further hereby authorizes and directs the City Auditor, the City Attorney, the Director of Development, and the Clerk of Council, or other appropriate officers of the City, to make such arrangements as are necessary and proper for the receipt and application of those Service Payments as provided in the TIF Ordinance and the Agreement.
Section 2. That the service payments made in lieu of real property taxes and deposited in the Gateway Municipal Public Improvement Tax Equivalent Fund, as established by Ordinance No. 3064-99, (the"Special Fund"), shall be deemed appropriated for the purposes set forth in the Agreement and authorized to be expended therefrom in accordance with the Agreement and the City Auditor is hereby authorized to make payments to Campus Partners or its designee from the Special Fund upon receipt of invoices approved by the Director of Development.
Section 3. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.