Explanation
Background: City Council passed Ordinance No. 1301-2010 establishing a tax increment financing area benefiting parcels near 3rd Avenue and Olentangy River Road (the “3rd & Olentangy TIF”) pursuant to Section 5709.40(B) of the Ohio Revised Code. City Council, by Ordinance No. 2130-2011, authorized the Director of the Department of Development to enter into a Tax Increment Finance Agreement dated July 12, 2012 (the “Original Agreement”) with NRI Equity Land Investments, LLC to provide for the construction and financing of certain public improvements within and around the 3rd & Olentangy TIF. City Council subsequently passed Ordinance Nos. 0587-2013, 2415-2016, and 1046-2018 to authorize the City to enter into a first amendment, a second amendment, and a third amendment to the Original Agreement to clarify project financing. This Ordinance will authorize the Director of the Department of Development to execute a fourth amendment to the Original Agreement. This fourth amendment will allow the City the opportunity to increase the supply of affordable housing units within the 3rd & Olentangy TIF by being able to take legislative action related to community reinvestment areas pursuant to Sections 3735.65 through 3735.70 within the 3rd & Olentangy TIF while at the same time still allowing the developer to be reimbursed prior to the expiration of the 3rd & Olentangy TIF exemption.
Emergency Justification: Emergency action is requested to allow this fourth amendment to be quickly executed, which will remove any possibility of the City being in immediate conflict with the terms and conditions under the Original Agreement thereby reducing and removing the likelihood of any liability.
Fiscal Impact: No City funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a fourth amendment to the Tax Increment Finance Agreement dated July 12, 2012 with NRI Equity Land Investments, LLC to allow the Ci...
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