Explanation
BACKGROUND:
Ordinance No. 2780-99 authorized the Director of Development to execute a Tax Increment Financing (TIF) and Economic Development Agreement with Crewville LTD. This agreement requires that Crewville LTD make semi-annual service payments in lieu of taxes to the County Treasurer who in turn, remits the service payments to the City. Once the service payments are received by the City, the City deposits the funds into the Crewville Urban Redevelopment Tax Increment Equivalent Fund.
The Crewville TIF district includes the 22-acre former site of Columbus Auto Parts (off I-71 & Hudson). The TIF agreement provides that Crewville, LTD would build a street improvement, namely, the extension of Silver Drive. This improvement would then be purchased by the City, which would make semi-annual payments to Crewville, LTD as TIF revenues accrued. The Silver Drive extension provides access to a new retail shopping center, to the Crew Stadium and to the Ohio Historical Center. Crewville, LTD is being reimbursed from the TIF as service payments in lieu of taxes accrue.
Emergency action is requested in order for the City to make the payment to Nationwide Realty Investors, Ltd. dba Crewville LTD according to the schedule established in the agreement.
FISCAL IMPACT:
This legislation authorizes the appropriation and expenditure of $69,525.93 so that payment can be made to Nationwide Realty Investors, Ltd. dba Crewville LTD.
Title
To authorize the appropriation of $69,525.93 from the Crewville TIF Fund; to authorize and direct the payment of $69,525.93 to Nationwide Realty Investors, Ltd. dba Crewville, LTD in accordance with the Tax Increment Financing and Economic Development Agreement; to authorize the expenditure of $69,525.93 from the Crewville TIF Fund; and to declare an emergency. ($69,525.93)
Body
WHEREAS, the Tax Increment Financing and Economic Development Agreement requires that Crewville LTD make semi-annual payments...
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