Explanation
In December, 2008, pursuant to Ordinance No. 0260-2008 the City entered into a Tax Increment Financing Agreement with Pizutti Land LLC and Pizutti Rickenbacker West LLC which agreement provided for reimbursement of the costs of certain public improvements from future TIF revenues. One of the designated improvements is improvements to Shook Road. As part of that planned improvement addition right of way is needed. Pizutti Land LLC has agreed to advance to the City the funds needed to acquire the additional right of way. Pizutti will be reimbursed out of future TIF revenues. This ordinance authorizes an escrow agreement among the City Attorney, the City Auditor and Pizutti Land LLC for the deposit of the funds and payment of the costs of acquisition.
Fiscal Impact: None
Emergency Justification: Emergency passage is required in order to acquire the right of way timely as to not delay the project.
Title
To authorize the establishment of an escrow fund to be used for acquisition of land for the Shook Road Phase I; to authorize the City Auditor to act as escrow agent for this fund; and to declare an emergency.
Body
WHEREAS, the City of Columbus ("City") and Pizutti Land LLC entered into a Tax Increment Financing Agreement dated December 10, 2008 (the "TIF Agreement") as authorized by Ordinance 0260-2008, passed February 28, 2008; and
WHEREAS, acquisition of parcels of land are required to construct, a public improvement under the TIF Agreement Shook Road Phase I and Pizutti Land LLC has agreed to pay for the cost of the acquisitions subject to future reimbursement under the TIF Agreement; and
WHEREAS, the City and Pizutti now desire to enter into an escrow agreement to facilitate the acquisition of those parcels; and
WHEREAS, an emergency exists in that it is immediately necessary to authorize the City Attorney and the City Auditor to enter into an escrow agreement with Pizutti for the preservation of the publi...
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