Explanation
Background: City Council passed Ordinance No. 1799-2010 on December 13, 2010 (the “TIF Ordinance”) creating the Weinland Park Incentive District .40(C) TIF, requiring the deposit of service payments generated by parcels subject to the TIF Ordinance (the “Service Payments”) into a special TIF fund, and designating authorized public improvements to be financed by those Service Payments. Pursuant to Ordinance No. 0205-2012 passed by City Council on February 6, 2012, the City entered into a Tax Increment Financing Agreement with Weinland Park Development, LLC (the “Developer”) dated as of April 17, 2013 (the “Prior TIF Agreement”) with respect to parcels subject to the TIF Ordinance in order to reimburse the Developer for its costs of certain public improvements benefiting or serving the development of the Weinland Park Incentive District from the Service Payments. The Weinland Park Incentive District and surrounding neighborhoods have experienced new growth and development since the passage of the TIF Ordinance, and the area now needs more public parking to allow the public to access the residences, businesses, and public facilities in the area. The Developer is now proposing to construct a ninety-eight million dollar ($98,000,000) 311-unit apartment complex and a 557-space structured parking facility (the “Project”) with approximately 189 public spaces (the “Public Spaces”) on approximately ±3.445 acres of real property known as Franklin County Auditor Tax Parcel ID No. 010-024540 owned by an affiliate of the Developer and located to the northeast corner of N. 4th Street and E. 5th Avenue. The Department of Development has submitted for Council’s consideration Ordinance 2918-2021 to amend the TIF Ordinance to add parking facilities to the list of public infrastructure improvements that may be financed with Service Payments. This Ordinance approves and authorizes a new Cooperative Agreement and First Amendment to Tax Increment Financing Agreement by and a...
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