Explanation
Background: City Council passed Ordinance No. 2172-2005 on December 12, 2005 establishing a tax increment financing (“TIF”) incentive district pursuant to R.C. Section 5709.40(C) generally between King Avenue, Pearl Street, Goodale Avenue, and Dennison Avenue (the “Short North TIF”). Ordinance No. 1580-2012 passed by City Council on July 16, 2012 authorized the execution of that certain Tax Increment Financing and Cooperative Agreement dated August 1, 2012 (the “TIF Agreement”) between the City, the Columbus-Franklin County Finance Authority (the “CFCFA”), E.W. High Street, LLC, and E.W. Hubbard High, LLC. Under the TIF Agreement, a portion of the funds generated from the Short North TIF are allocated toward reimbursing bonds issued by the CFCFA to pay costs of a parking garage on Franklin County Tax Parcel ID No. 010-002013, which has 250 spaces open to public use for a period of 32 years. Notwithstanding the commitment to use the Short North TIF funds under the TIF Agreement, nothing else therein prevents the City from using other available resources to contribute to the fulfillment of the City’s remaining obligations thereunder. This legislation will authorize the appropriation and expenditure of monies generated from the AC Humko II TIF pursuant to Ordinance No. 0670-2004 for the purposes described in the TIF Agreement. This legislation will also authorize the City to terminate that Agreement effective upon the bonds no longer being outstanding thereunder.
Emergency Justification: An emergency exists in the usual daily operations of the Department of Development in that it is immediately necessary to authorize the appropriation and expenditure of the AC Humko II TIF funds contemplated herein, the payment of such will provide a direct savings to the City by reducing the amount of obligations owed and interest accruing.
Fiscal Impact: The City is appropriating and authorizing the expenditure of funds deposited, and to be deposited, into Fund 74...
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