City of Columbus - File #: 1682-2008

• File #: 1682-2008
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 10/17/2008
• In control: Development Committee
• On agenda: 11/3/2008
• Final action: 11/4/2008
• Title: To authorize the appropriation of $55,526.00 from the Crewville TIF Fund; to authorize and direct the payment of $55,526.00 to Nationwide Realty Investors, Ltd. dba Crewville, LTD in accordance with the Tax Increment Financing and Economic Development Agreement; to authorize the expenditure of $55,526.00 from the Crewville TIF Fund; and to declare an emergency. ($55,526.00)

Date	Ver.	Action By	Action	Result
11/4/2008	1	MAYOR	Signed
11/4/2008	1	CITY CLERK	Attest
11/3/2008	1	Columbus City Council	Approved	Pass
11/3/2008	1	COUNCIL PRESIDENT	Signed
10/21/2008	1	FINANCE DIRECTOR	Reviewed and Approved
10/21/2008	1	Dev Drafter	Sent for Approval
10/21/2008	1	Auditor Reviewer	Reviewed and Approved
10/21/2008	1	CITY AUDITOR	Reviewed and Approved
10/21/2008	1	Dev Drafter	Sent for Approval
10/21/2008	1	CITY ATTORNEY	Reviewed and Approved
10/21/2008	1	Dev Drafter	Sent to Clerk's Office for Council
10/20/2008	1	Finance Reviewer	Reviewed and Approved
10/20/2008	1	Finance Reviewer	Reviewed and Approved
10/17/2008	1	Dev Drafter	Sent for Approval
10/17/2008	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
10/17/2008	1	Dev Drafter	Sent for Approval

Explanation

BACKGROUND:
Ordinance 2780-99 authorized the Director of the Development Department to execute a Tax Increment Financing 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. Once the service payments are received by the City, the City shall deposit the funds into the Crewville Urban Redevelopment Tax Increment Equivalent Fund.

FISCAL IMPACT:
This legislation authorizes the appropriation and expenditure of $55,526.00 so that payment can be made to Nationwide Realty Investors, Ltd. dba Crewville, LTD.

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.

Title

To authorize the appropriation of $55,526.00 from the Crewville TIF Fund; to authorize and direct the payment of $55,526.00 to Nationwide Realty Investors, Ltd. dba Crewville, LTD in accordance with the Tax Increment Financing and Economic Development Agreement; to authorize the expenditure of $55,526.00 from the Crewville TIF Fund; and to declare an emergency. ($55,526.00)


Body

WHEREAS, ordinance 2780-99, authorized the Director of the Development Department to enter into a Tax Increment Financing and Economic Development Agreement with Crewville, LTD; and

WHEREAS, the Tax Increment Financing and Economic Development Agreement requires that Crewville, LTD make semi-annual payments in lieu of taxes to the Franklin County Treasurer; and

WHEREAS, the Franklin County Treasurer forwards a portion of these payments to the City; and

WHEREAS, the City has established the Crewville Urban Redevelopment Tax Increment Fund to deposit these payments; and

WHEREAS, the City will make semi-annual payments to Crewville, LTD; and

WHEREAS, the balance of the Crewville Account of the Crewville Urban Redevelopment Tax In...