Explanation
Background: The Columbus City Council passed Ordinance 1301-2010 on October 4, 2010, establishing a tax increment financing area benefiting parcels near 3rd Avenue and Olentangy River Road pursuant to Section 5709.40(B) of the Ohio Revised Code. Ordinance 2130-2011 passed on December 5, 2011, authorized the Director of Development to enter into a tax increment finance agreement with NRI Equity Land Investments, LLC to provide for the construction and financing of certain improvements within and around that tax increment finance area.
Due to the many public improvement projects to take place in this area, there may be a need for multiple departments to enter into subsequent agreements with the NRI Equity Land Investments, LLC.
This ordinance will amend Ordinance 2130-2011 by adding language that authorizes the Director of Development or other appropriate officers of the City to execute subsequent agreements with NRI Equity Land Investments, LLC.
Fiscal Impact: No City funding is required for this legislation.
Title
To amend Ordinance 2130-2011 by adding language authorizing the Director of Development or other appropriate officers of the City to execute subsequent agreements and instruments with NRI Equity Land Investments, LLC to provide for the construction and financing of improvements within and around the Third Avenue and Olentangy River Road tax increment financing area; and to declare an emergency.
Body
WHEREAS, pursuant to Ordinance No. 1301-2010 passed on October 4, 2010, this Council created a tax increment financing in the area of 3rd Avenue and Olentangy River Road (TIF Area); and
WHEREAS, Ordinance 2130-2011 was passed December 5, 2011 authorizing the Director of Development (the Director) to enter into a tax increment finance agreement with NRI Equity Land Investments, LLC; and
WHEREAS, the City desires to amend Ordinance 2130-2011 by adding language authorizing the Director or other appropriate officers of the City to execute subsequent agreements and instruments with NRI Equity Land Investments, LLC; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Economic Development Division in that it is immediately necessary to amend said ordinance to facilitate the continuing development of the TIF Area, 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 Ordinance 2130-2011 is hereby amended by adding the following sentence at the end of Section 1.
That the Director or other appropriate officers of the City are authorized to execute such other agreements and instruments and to take all actions necessary to implement this Ordinance and the transactions contemplated by the TIF Agreement.
Section 2. 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.