Explanation
BACKGROUND: Chapter 1710 of the Ohio Revised Code allows property owners to petition the municipal corporation within which their property is located for the creation of an energy special improvement district, the purpose of which is to provide “special energy improvement projects,” as defined in Section 1710.01 of the Ohio Revised Code. Section 1710.02 of the Ohio Revised Code requires such property owners also to submit articles of incorporation for a nonprofit corporation, the board of directors of which shall govern the energy special improvement district, to the municipal corporation with the petition. Section 1710.02(F) of the Ohio Revised Code also allows such property owners to submit an initial plan of services for approval with the petition. Upon receipt of a petition, articles of incorporation, and an initial plan submitted by the owners 100% of the properties requesting to be included in the energy special improvement district, the municipal corporation may approve the petition, cause the formation of the energy special improvement district, and proceed to levy special assessments to pay the costs of the special energy improvement projects to be completed pursuant to the petition and the initial plan.
NC Plaza LLC, the owner of certain parcels of real property within the City of Columbus (more commonly known as PNC Plaza and Galleria), has submitted a petition, articles of incorporation, and initial plan to the Council, requesting that the Council approve the petition, articles of incorporation, and initial plan, cause the creation of the Columbus Regional Energy Special Improvement District, and levy special assessments on its property to pay the costs of the special energy improvement project to be provided on its property.
NC Plaza LLC is working in cooperation with the Columbus-Franklin County Finance Authority to issue securities secured by the special assessments requested in the petition, the proceeds of which securities will be u...
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