Explanation
Background: By its Ordinance No. 1578-1998 passed June 29th, 1998, the Columbus City Council established the Miranova TIF Area pursuant to Section 5709.41 of the Ohio Revised Code, declared the improvements to certain parcels to be a public purpose and exempt from taxation, provided for the owner of each parcel to make annual service payments in lieu of taxes, and provided for the non-school portion of those service payments to be paid to the City for deposit into an urban redevelopment tax increment equivalent fund (the "TIF Fund") established in that Ordinance No. 1578-1998.
This ordinance provides for the appropriation of monies on deposit in that TIF fund to be used to fund public infrastructure improvements in accordance with that Ordinance No. 1578-1998 and the related Tax Increment Financing and Economic Development Agreement, which was authorized by Ordinance No. 1578-1998 and executed September 28th, 1998.
Emergency Justification: Emergency action is requested in order to make necessary disbursements before the year's end.
Fiscal Impact: No additional funding is required for this legislation.
Title
To appropriate monies on deposit in the Miranova Urban Redevelopment Tax Increment Equivalent Fund (the "TIF Fund") to be used to fund public infrastructure improvements benefiting or serving the Miranova TIF Area and further described in a Tax Increment Financing and Economic Development Agreement by and among the City of Columbus and Pizzuti Properties/Miranova Limited; and to declare an emergency.
Body
WHEREAS, by its Ordinance No. 1578-1998 passed June 29th, 1998 (the "TIF Ordinance"), this Council established the Miranova TIF Area (the "TIF Area") pursuant to Section 5709.41 of the Ohio Revised Code, declared 100% of the increase in assessed value of each parcel located within that TIF Area (which increase in assessed value is referred to as the "Improvement," as further defined in Section 5709.41 (A) of the Ohio Revised Code) to be a public purpose and exempt from real property taxation, provided for the owner of each parcel to make annual service payments in lieu of real property tax payments, including any penalties and interest (collectively, the "Service Payments"), and provided for the non-school portion of those Service Payments to be paid to the City for deposit into the Miranova Urban Redevelopment Tax Increment Equivalent Fund established in that TIF Ordinance (the "TIF Fund") to fund certain public infrastructure improvements described in the TIF Ordinance which, once made, will benefit or serve the TIF Area (with those improvements, as further described in the Tax Increment Financing And Economic Development Agreement referred to below, hereinafter referred to as the "Public Infrastructure Improvements"); and
WHEREAS, it is necessary to appropriate monies deposited in the TIF Fund to be used to pay costs of the Public Infrastructure Improvements in accordance with the TIF Ordinance and the related Tax Increment Financing And Economic Development Agreement by and among the City of Columbus and Pizzuti Properties/Miranova Limited (the "Agreement"), which agreement was approved by Ordinance No. 1578-1998 passed June 29th, 1998; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to appropriate said funds in order to make necessary disbursements before the year's end, all for the preservation of the public health, peace, property and safety; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That Service Payments, and any other payments with respect to the Improvement that are received by the Franklin County Treasurer in connection with the reduction required by Sections 319.302, 321.24, 323.152 and 323.156 of the Ohio Revised Code, as the same may be amended from time to time, or any successor provisions thereto as the same may be amended from time to time, deposited in the TIF Fund shall be deemed appropriated for the purposes set forth in the Tax Increment Financing And Economic Development Agreement and authorized to be expended therefrom in accordance with that Agreement. Subject to vouchers approved by the Director of the City's Department of Development (the "Director"), the City Auditor is hereby authorized to make payments to the Developer or its designee from the TIF Fund in accordance with that Agreement.
Section 2. This Council further authorizes the Director, the City Clerk or other appropriate officers of the City to prepare and sign all agreements and instruments and to take any other actions as may be appropriate to implement this Ordinance.
Section 3. 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.