Explanation
Background: Ordinance No. 1699-2020 rezoned the property at the northwest corner of the intersection of West Broad Street and Doherty Road located at 5930 West Broad Street (Tax ID Parcel No. 570-184818, the “Private Improvements Site”); it also required certain public infrastructure improvements to Doherty Road and West Broad Street (the “Project”). Metro Development LLC (the “Developer”) invested approximately $18 million at the Private Improvement Site to develop 192 multi-family units and other improvements (the “Private Improvements”). As the Private Improvements Site is subject to the Big Darby Accord Watershed Master Plan (2006) and the revenue program created by Resolution No. 0216X-2008, City Council, by its Ordinance No. 2535-2020, authorized the City and Developer to enter the Big Darby - Crown Pointe Development Agreement dated December 1, 2020 to outline the establishment of tax increment financing, a new community authority, and a developer contribution. The City and the Developer anticipated financing the Project with obligations that would be repaid from the aforementioned public revenues generated by the Private Improvements.
City Council created a tax increment financing area over the Private Improvement Site pursuant to R.C. Section 5709.40(B) (the “West Broad Street TIF”) by its passage of Ordinance No. 2990-2021, as subsequently amended by Ordinance No. 3154-2022 to add additional parcels. Furthermore, City Council created a new community authority (NCA) over the Private Improvement Site (the “Big Darby West Broad Street NCA”) pursuant to R.C. Chapter 349 by its adoption of Resolution Nos. 0060X-2021 and 0242-2021, and has since expanded the district of the Big Darby West Broad Street NCA by additionally adopted resolutions. This legislation approves and authorizes the Director of the Department of Development to enter into a cooperative agreement (the “Cooperative Agreement”) by and among the City, the Big Darby West Broad Stree...
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