Explanation
Background: This legislation authorizes the Director of the Department of Development to enter into a Tax Increment Financing Agreement with Vista Village, Inc. (the “Developer”) providing for the reimbursement of acquisition, soft costs, and construction-related costs for the Askins Road extension and Vista Village development. Ordinance No. 3120-2016 created the Brice Road TIF and declared that 100% of the increased value of non-residential improvements to certain parcels of real property located within the Brice Road TIF to be a public purpose and exempt from taxation for a period of 30 years. Ordinance No. 1651-2024 determined that satisfactory provision had been made for the public improvements benefiting the Brice Road TIF parcels in order to allow the Brice Road TIF non-school service payments be used in support of offsite urban redevelopment for certain improvements, which include, but are not limited to, (i) the acquisition of real estate in aid of industry, commerce, distribution, research or residential purposes, (ii) construction and extension of roads together with all appurtenances, and (iii) on-going administrative expenses related to soft costs. The Developer acquired 111 parcels of real property, and as a part of phase one construction on the site, the Developer has constructed transitional tiny homes consisting of 41 residential units, a 4,000 square foot community center, and a +/- 2.29-acre urban green space. The City also required the Developer to resurface and extend Askins Road within the site. Approval is requested for reimbursement of acquisition, soft costs, and construction related expenses including, but not limited to, those incurred prior to the execution of the purchase order, starting January 1, 2021.
Emergency Justification: An emergency exists in the usual daily operation of the Department of Development to immediately allow for the execution of the Tax Increment Financing Agreement prior to the end of the year to limit Vista Village Inc.’s carrying costs and to provide capital for the next phase of the development.
Fiscal Impact: The City is transferring, appropriating, and authorizing the expenditure of $450,000.00 deposited within the Brice Road TIF Fund (7472) to Vista Village, Inc. for property acquisition, soft costs and construction related costs pursuant to the TIF Agreement with Vista Village, Inc.
CONTRACT COMPLIANCE: the vendor number is 046538, contract compliance is pending.
Title
To authorize the Director of the Department of Development to enter into the TIF Agreement with Vista Village, Inc. for up to four hundred fifty thousand dollars ($450,000.00) to reimburse them for property acquisition, soft costs, and construction costs in relation to the extension of Askins Road within the public right-of-way through the site and Vista Village development; to authorize the transfer, appropriation, and expenditure of the funds deposited within the Brice Road TIF Fund; and to allow for reimbursement of expenditures incurred prior to the Purchase Order; and to declare an emergency. ($450,000.00)
Body
WHEREAS, this legislation authorizes the Director of the Department of Development to enter into the Tax Increment Financing Agreement (the “TIF Agreement”) with Vista Village, Inc. (the “Developer”) providing for reimbursement of the acquisition, soft costs and construction related costs of the Askins Road extension and the Vista Village development; and
WHEREAS, the Developer acquired 111 parcels of real property located south of Refugee Road and Askins Road to construct in phase one approximately 41 tiny homes, a 4,000 square foot community center, and a 2.29 +/- area urban greenspace; and
WHEREAS, the purpose of the TIF Agreement is to provide funding in support the transformation of the site by reimbursing the Developer up to $450,000.00 with up to $75,000.00 being in land acquisition costs and up to $375,000.00 being in soft costs and construction costs related to the resurfacing and extension of Askins Road within the public right-of-way through the site; and
WHEREAS, Ordinance No. 3120-2016 created the Brice Road TIF and declared that 100% of the increased value of non-residential improvements to certain parcels of real property located within the Brice Road TIF to be a public purpose and exempt from taxation for a period of 30 years; and
WHEREAS, Ordinance No. 1651-2024 determined that satisfactory provision had been made for the public improvements benefiting the Brice Road TIF properties in order to allow the Brice Road TIF funds to be used in support of offsite urban redevelopment for certain “Urban Redevelopment Public Improvements” as identified in Exhibit B of Ordinance No. 1651-2024; and
WHEREAS, the Urban Redevelopment Public Improvements include (i) the acquisition and construction of real estate in aid of industry, commerce, distribution, research, or residential purposes, (ii) construction and extension of roads together with all appurtenances, and (iii) any on-going administrative expenses related to acquisition including, but not limited to, studies, surveying, engineering, architectural, legal, and other consulting and professional services such as those for the Askins Road and Vista Village projects; and
WHEREAS, this legislation is also transferring, appropriating, and authorizing the expenditure, in an amount up to $450,000.00, of the funds deposited within the Brice Road TIF Fund; and
WHEREAS, the Developer will be reimbursed for property acquisition and related soft and construction costs pursuant to the TIF Agreement including, but not limited to, those incurred prior to the purchase order dating back to January 1, 2021; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development to immediately allow for the execution of the Tax Increment Financing Agreement prior to the end of the year to limit the Developer’s carrying costs and to provide capital for the next phase of the development, all for the immediate preservation of the public health, peace, property, safety and welfare; and; NOW, THEREFORE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the transfer of $450,000.00, or so much thereof as may be needed, is hereby authorized within Fund 7472 (Brice Road TIF Fund), from Dept-Div 44-02 (Economic Development), Project 472001-100000 (Brice Road TIF) to Project 200023-100000 (Vista Village Housing), in Object Class 06 (Capital Outlay), per the account codes in the attachment to this ordinance.
Section 2. That from the unappropriated monies and from all monies estimated to come into said fund from any and all sources and unappropriated for any other purpose during the fiscal year ended December 31, 2025, the sum of $450,000.00 is appropriated in Fund 7472 (Brice Road TIF Fund), Dept-Div 4402 (Economic Development), Project 200023-100000 (Vista Village Housing), in Object Class 06 (Capital Outlay), per the account codes in the attachment to this ordinance.
Section 3. That the Director of the Department of Development, or his or her designee, is authorized to enter into the TIF Agreement with Vista Village, Inc. for up to $450,000.00 for the purpose of reimbursing property acquisition, soft costs, and construction related costs for about 111 parcels located south of Refugee Road part of the Vista Village development and the resurfacing and extension of Askins Road; expenditures incurred prior to the Purchase Order but after January 1, 2021 are authorized to be reimbursed in addition to expenditures incurred after the Purchase Order.
Section 4. That, pursuant to the TIF Agreement, the expenditure of $450,000.00, or so much thereof as may be needed, is hereby authorized in Fund 7472 (Brice Road TIF Fund), Dept-Div 44-02 (Economic Development), Project 200023-100000 (Vista Village Housing), in Object Class 06 Capital Outlay per the account codes in the attachment to this Ordinance.
Section 5. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, authorized for expenditure 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 or sub fund 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 for the reasons states in the Preamble hereto, which is hereby made a part of 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 of ten days after the passage if the Mayor neither approves nor vetoes the same.