Explanation
BACKGROUND:
This legislation authorizes the Director of Development to enter into a Reimbursement Agreement providing for payments from Tax Increment Financing (TIF) revenues for infrastructure improvements made and to be made in connection with the residential development in northeast Columbus known as the Preserve. The Reimbursement Agreement is among the City of Columbus, the New Albany Company, LLC (the "Developer), and Lifestyle Communities, Ltd. It is designed to help effectuate a portion of the City's Pay as We Grow and Grow with a Plan policy.
Emergency action is requested to allow the agreement to be entered into in a timely manner.
FISCAL IMPACT:
No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Reimbursement Agreement to provide for infrastructure improvements; and to declare an emergency.
Body
WHEREAS, one of the purposes of the Reimbursement Agreement is to provide sufficient satisfactory infrastructure for planned and zoned development in the general area of or having an impact on the Preserve development; and
WHEREAS, an additional purpose of the Reimbursement Agreement is to delineate the infrastructure improvements required and the roles and responsibilities in building and paying for such improvements; and
WHEREAS, emergency action is necessary to allow the Reimbursement Agreement to be entered into with all parties in a timely manner; and
WHEREAS, an emergency exists in the usual daily operation of the City of Columbus, in that it is immediately necessary to authorize the City to enter into the Memorandum of Understanding, thereby preserving the public health, peace, property, safety and welfare; Now, Therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. The Reimbursement Agreement by and among this City, the New Albany Company, LLC, and Lifestyle Communities, Ltd., in the form presently on file with...
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