Explanation
Background: The purpose of this ordinance is to authorize the Director of the Department of Development to enter into a Tax Increment Financing and Cooperative Agreement with Columbus-Franklin County Finance Authority, Pizzuti Land LLC and Pizzuti Rickenbacker West I LLC (together, the “Developer”), concerning the development of the site located in the City near Rickenbacker International Airport.
The Developer has previously completed phase I of the development consisting of an approximately 1.6 million square foot distribution center. In coordination with the private construction, the City established the Rickenbacker West TIF to reimburse the Developer for approximately $10 million in public infrastructure improvements required as a result of the development.
To enable the construction of phase II of the development, approximately $3.4 million in additional public infrastructure improvements to Shook Road and Beggrow Road must be constructed. The Columbus-Franklin County Finance Authority has agreed to provide the financing for the public infrastructure improvements by issuing Bonds, provided that the City and Developer enter into this Agreement with the Finance Authority in order that the service payments received by the City from the Rickenbacker West TIF shall first be used to pay debt charges on and costs incurred in connection with the Bonds.
Emergency Justification:
Emergency legislation is required to allow for immediate execution of the Tax Increment Financing and Cooperative Agreement, which is necessary to facilitate the design of public infrastructure projects and the construction of the private development.
Fiscal Impact: There is no expenditure of City funds associated with entering into this Agreement.
Title
To authorize the Director of the Department of Development to enter into a Tax Increment Financing and Cooperative Agreement with Columbus-Franklin County Finance Authority, Pizzuti Land LLC and Pizzuti Rickenbacker West ...
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