Explanation
Background: Columbus City Council passed Ordinances 2356-98 and 2357-98 on September 14, 1998, and Ordinances 2092-01 and 2093-01 passed December 17, 2001, creating four tax increment financing (TIF) districts in and around the former Ohio Pen site, and pursuant to Ordinance 1554-2008 the City and NWD Investments, LLC or its affiliates (NWD entered into a Reimbursement Agreements dated September 17, 2009 in connection with those TIF districts. The attached Ordinance authorizes an amendment or supplement to that Agreement authorizing related acquisitions of property or interests therein in support of, the further redevelopment in that area.
Fiscal Impact: No City funding is required for this legislation.
Title
To authorize the Director of Development to execute an amendment or supplement to the existing Reimbursement Agreement dated September 17, 2009 between the City and NWD Investments, LLC to provide for the acquisition of property interests within and around the area at the northeast corner of Front Street and Nationwide Boulevard; and to declare an emergency.
Body
WHEREAS, pursuant to Ordinances 2356-98 and 2357-98 passed on September 14, 1998, and Ordinances 2092-01 and 2093-01 passed December 17, 2001 (collectively, the "TIF Ordinances"), the City created four tax increment financing (TIF) districts in and around the former Ohio Pen site, and pursuant to Ordinance 1554-2008 the City and NWD Investments, LLC or its affiliates (NWD) entered into a Reimbursement Agreement dated September 17, 2009 in connection with those TIF districts (the "2009 Reimbursement Agreement"); and
WHEREAS, to create and retain jobs and promote the continued redevelopment of the area known as the Arena District, the City desires to support the Developer's redevelopment of the real property located at the northeast corner of Front Street and Nationwide Boulevard (the "Redevelopment Site") by authorizing the execution of an amendment or supplem...
Click here for full text