Explanation
Background: In December 2005, City Council passed Ordinance 2172-2005 approving the creation of the Short North Incentive District. Service payments in lieu of taxes made with respect to improvements within the Short North Incentive District are diverted to the Short North Tax Equivalent Fund and are intended to finance the creation of public parking spaces in the Short North Incentive District to relieve parking overcrowding and spur job creation. A 2005 parking study identified a need for 500 additional parking spaces in the Short North TIF District.
In 2007, City Council passed Ordinance 0176-2007 authorizing the Director of Development to enter into a TIF Project and Reimbursement Agreement (the "TIF Agreement") by and between the City and Apex Realty Enterprises, LLC ("Apex") to finance the construction of a parking garage containing 250 public parking spaces by assigning a portion of the service payments in lieu of taxes collected within the Short North TIF Incentive District to pay costs incurred for construction of that parking garage.
Apex no longer plans to construct the agreed-upon parking garage and intends to transfer its interest in the garage site to another developer, E.W. High Street, LLC ("E.W. High") so that E.W. High can construct the garage and other improvements. To enable E.W. High to do so, it is necessary to transfer Apex's rights and obligations under the TIF Agreement to E.W. High and amend the TIF Agreement to reflect the reduced costs of the garage caused by differences between Apex's and E.W. High's respective development plans. This ordinance authorizes the Director of Development to enter into an assignment agreement on behalf of the City that approves those items.
Fiscal Impact: No City funding is required for this legislation.
Title
To authorize and direct the Director of the Department of Development to execute an Assignment of and Amendment to TIF Project and Reimbursement Agreement for the constru...
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