City of Columbus - File #: 2043-2006

• File #: 2043-2006
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 11/7/2006
• In control: Jobs and Economic Development Committee
• On agenda: 11/20/2006
• Final action: 11/22/2006
• Title: To authorize the appropriation of $61,599.88 from the Crewville TIF Fund; to authorize and direct the payment of $61,599.88 to Crewville, LP in accordance with the Tax Increment Financing and Economic Development Agreement; to authorize the expenditure of $61,599.88 from the Crewville TIF Fund; and to declare an emergency. ($61,599.88)

Date	Ver.	Action By	Action	Result
11/22/2006	1	CITY CLERK	Attest
11/21/2006	1	MAYOR	Signed
11/20/2006	1	Columbus City Council	Approved	Pass
11/20/2006	1	COUNCIL PRESIDENT	Signed
11/9/2006	1	Dev Drafter	Sent for Approval
11/9/2006	1	Auditor Reviewer	Reviewed and Approved
11/9/2006	1	CITY AUDITOR	Reviewed and Approved
11/9/2006	1	Dev Drafter	Sent for Approval
11/9/2006	1	CITY ATTORNEY	Reviewed and Approved
11/9/2006	1	Dev Drafter	Sent to Clerk's Office for Council
11/8/2006	1	Dev Drafter	Sent for Approval
11/8/2006	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
11/8/2006	1	Dev Drafter	Sent for Approval
11/8/2006	1	Finance Reviewer	Reviewed and Approved
11/8/2006	1	Finance Reviewer	Reviewed and Approved
11/8/2006	1	FINANCE DIRECTOR	Reviewed and Approved

Explanation

BACKGROUND:

Ordinance No. 2780-99 authorized the Director of Development to execute a Tax Increment Financing and Economic Development Agreement with Crewville LP. This agreement requires that Crewville LP make semiannual 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 $61,599.88 so that payment can be made to Crewville LP.

Emergency action is requested in order for the City to make the payment to Crewville LP according to the schedule established in the agreement.

Title

To authorize the appropriation of $61,599.88 from the Crewville TIF Fund; to authorize and direct the payment of $61,599.88 to Crewville, LP in accordance with the Tax Increment Financing and Economic Development Agreement; to authorize the expenditure of $61,599.88 from the Crewville TIF Fund; and to declare an emergency. ($61,599.88)



Body

WHEREAS, Ordinance No. 2780-99, authorized the Director of the Development Department to enter into a Tax Increment Financing and Economic Development Agreement with Crewville LP; and

WHEREAS, The Tax Increment Financing and Economic Development Agreement requires that Crewville LP 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 LP; and

WHEREAS, the balance of the Crewville Account of the Crewville Urban Redevelopment Tax Increment Equivalent Fund as of November 7, 2006 was $61,599.88; and

WHEREAS, an emergency exists in the usual daily operation of ...