Explanation
Background: Ordinance No. 2043-2019, as amended by Ordinance No. 2932-2021, authorized the Director of the Department of Development to execute the Amended and Restated TIF Reimbursement Agreement dated as of October 31, 2019 (the “Original Agreement”) relating to certain tax increment financing (“TIF”) areas within the City’s Arena District. The General Assembly enacted and amended Revised Code (“R.C.”) Section 5709.51 in 2019 and 2023, which allows municipal legislative authorities to extend TIFs with annual service payments of at least $1.5 million in a preceding calendar year for an additional thirty-year period. Certain TIFs within the Arena District under the Original Agreement meet this threshold. The developer that utilizes those TIFs with the City pursuant to the Original Agreement has requested that the two of those TIFs under the Original Agreement to be extended for an additional 30-year period in order to provide for the funding of additional public improvements for the continued development of the Arena District.
The Department of Development has submitted for City Council consideration ordinances to authorize thirty-year extensions for those two TIFs pursuant to R.C. Section 5709.51.The purpose of this Ordinance is to amend and restate the Original Agreement by authorizing the execution of the Second Amended and Restated TIF Reimbursement Agreement (the “Second Agreement”) with the developer in order to fully implement all of the terms and conditions of this Ordinance and the Second Agreement, including but not limited to: (i) govern the terms and conditions of the extension revenues, (ii) provide for the use of additional TIF revenue for projects as identified and determined by the City, (iii) provide the City relief as to its capital improvement budget commitment, (iv) provide for the collection of the City’s economic development fees, (v) provide for the inclusion of minority and women owned businesses for related work, and (vi) ma...
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