Explanation
BACKGROUND: The Director of the Department of Development, as authorized by the Council of the City of Columbus, previously approved levying property assessed clean energy (“PACE”) special assessments on certain property located at 1275 Olentangy River Road and owned by 1275 Olentangy LLC. The special assessments repay and secure financing for special energy improvement projects installed at the property. The financing was provided by Greenworks Lending LLC (together with its successors and assigns, including, without limitation, PACEWell 3 LLC, “Greenworks”).
The Owner and Greenworks have notified the City that the financing provided for the special energy improvement projects has been prepaid in full and have requested that the City reduce the special assessments previously levied down to $0.00.
This legislation is to reduce the amount of the special assessments previously levied down to $0.00 and to cause the County Auditor to remove the special assessments from the tax bills for the property.
Emergency action is requested on this legislation to allow the reduction of the special assessments to be certified to the County Auditor before real property tax bills for tax year 2025 are prepared.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the removal of special assessments previously levied for certain public improvements in the City of Columbus, Ohio in cooperation with the Columbus Regional Energy Special Improvement District (1275 Olentangy LLC Project); and to declare an emergency. ($0.00)
Body
WHEREAS, this Council (the “Council”) of the City of Columbus, Ohio (the “City”) duly passed Ordinance 0311-2019 on June 24, 2019 (the “Assessing Ordinance”) authorized the Director of the Department of Development or a designee (the “Development Director) to receive and approval petitions for special energy improvement projects and for special assessments and plans or supplemental plans for public improvement...
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