Explanation
Background: By Ordinance 1159-2005, passed July 11, 2005, the Columbus City Council established five (5) Tax Increment Finance Areas (TIF Areas). Two of which are commercial TIF areas pursuant to Section 5709.40 (B), known as East Broad Commercial and Lucent Commercial and three Incentive Districts pursuant to 5709.40 (C) of the Ohio Revised Code, known as Lucent Incentive District, East Broad Dominion Incentive District and Waggoner M/I Incentive District. The improvements to certain parcels located within those TIF Areas to be a public purpose and exempt from taxation, provided for the owners 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 the East Broad TIF Funds. This ordinance provides for the appropriation of monies on deposit in those TIF Funds to be used to fund public infrastructure improvements in accordance with that Ordinance 1159-2005 and the Tax Increment Finance Agreement, which was executed September 7, 2005.
Fiscal Impact: No additional funding is required for this legislation.
Title
To appropriate monies on deposit in the East Broad Municipal Public Improvement Tax Equivalent Funds to be used to fund public infrastructure improvements benefiting or serving the East Broad Street Tax Increment Finance Areas and further described in a Tax Increment Financing Agreement by and among the City and Owners.
Body
WHEREAS, by its Ordinance 1159-2005, passed July y11, 2005 (the "TIF Ordinance"), this Council established the East Broad Street TIF Areas pursuant to Section 5709.40 (B) & (C) of the Ohio Revised Code, declared 100% of the increase in assessed value of certain parcels located within that Incentive Area (which increase in assessed value is referred to as the "Improvement," as further defined in Section 5709.40(A) of the Ohio Revised Code) to be a public purpose and exempt from real property taxation, provided for the owner of certain parcels 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 East Broad Street Tax Equivalent Funds established in the TIF Ordinance (the "TIF Funds") to fund certain public infrastructure improvements described in the TIF Ordinance which, once made, will benefit or serve the TIF Areas (with those improvements, as further described in the TIF Agreement referred to below, hereinafter referred to as the "Public Infrastructure Improvements"); and
WHEREAS, it is necessary to appropriate monies deposited in the East Broad Street TIF Funds, known as Fund 427, Fund 428, Fund 429, Fund 431 and Fund 432 to be used for the costs of the Public Infrastructure Improvements in accordance with the TIF Ordinance and the related TIF Agreement by and among the City and Owners, which was authorized by Ordinance 1159-2005 executed July 11, 2005; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. The 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 Reimbursement Agreement and authorized to be expended therefrom in accordance with that Reimbursement 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 Reimbursement 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. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.