Explanation
BACKGROUND: Ordinance 1716-2003 authorized the Director of the Department of Development to execute a Tax Increment Financing and Economic Development Agreement with Crosswoods Central Park, LLC. This agreement requires that Crosswoods Central Park, LLC, or then owners, make semi-annual service payments in lieu of taxes to the County Treasurer. Once the service payments are received by the City, the City shall deposit the funds into the Crosswoods Project Municipal Public Improvement Tax Increment Equivalent Fund (TIF Fund).
The TIF agreement provides that Crosswoods Central Park, LLC would make public improvements and these improvements would then be purchased by the City, which would make semi-annual payments to Crosswoods Central Park, LLC as TIF revenues accrued.
Emergency action is requested in order for the City to make the payment to Crosswoods Central Park, LLC. according to the schedule established in the agreement.
FISCAL IMPACT: This legislation authorizes the appropriation and expenditure of $464,072.55 so that payment can be made to Crosswoods Central Park, LLC.
Title
To authorize the appropriation of $464,072.55 from the Crosswoods TIF Fund; to authorize and direct the payment of $464,072.55 to Crosswoods Central Park, LLC. in accordance with the Tax Increment Financing and Economic Development Agreement; to authorize the expenditure of $464,072.55 from the Crosswoods Project Municipal Public Improvement Tax Increment Equivalent Fund; and to declare an emergency. ($464,072.55)
Body
WHEREAS, Ordinance 1716-2003, authorized the Director of the Development Department to enter into a Tax Increment Financing and Economic Development Agreement with Crosswoods Central Park LLC; and
WHEREAS, the Tax Increment Financing and Economic Development Agreement requires that Crosswoods Central Park LLC make semi-annual payments in lieu of taxes to the Franklin County Treasurer; and
WHEREAS, the Franklin County Treasurer forwards a portion of these payments to the City; and
WHEREAS, the City has established the Crosswoods Project Municipal Public Improvement Tax Increment Equivalent Fund. to deposit these payments; and
WHEREAS, the City will make semi-annual payments to Crosswoods Central Park, LLC.; and
WHEREAS, the balance of the Crosswoods Project Municipal Public Improvement Tax Increment Equivalent Fund as of October 26, 2009 was $464,072.55; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, is that it is immediately necessary to make the payment to Crosswoods Central Park, LLC. pursuant to the Tax Increment Financing and Economic Development Agreement in order to 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 from the unappropriated balance in the Crosswoods Project Municipal Public Improvement Tax Increment Equivalent Fund, Fund 419, and from any and all sources unallocated for any other purpose during the fiscal year ending December 31, 2010, the sum of $464,072.55, be and hereby is appropriated to the Development Department, Department 44-01, OCA 419001, Object Level Three 5514.
Section 2. That the City Auditor is hereby authorized and directed to make payment to Crosswoods Central Park, LLC. in the amount of $464,072.55.
Section 3. That the expenditure of $464,072.55, or so much as may be necessary, be and is hereby authorized from the Development Department, Department 44-01, Crosswoods Project Municipal Public Improvement Tax Increment Equivalent Fund, Fund 419, OCA 419001, Object Level Three 5514.
Section 4. That for the reasons stated in the preamble hereto, this ordinance is hereby declared to be an emergency and shall take effect and be in force from and after its passage and approval by the Mayor or ten days if the Mayor neither approves nor vetoes the same.