Explanation
Background: City Council passed Ordinance No. 2172-2005 on December 12, 2005 establishing a tax increment financing (“TIF”) incentive district pursuant to R.C. Section 5709.40(C) generally between King Avenue, Pearl Street, Goodale Avenue, and Dennison Avenue (the “Short North TIF”). Ordinance No. 1905-2012 passed by City Council on September 10, 2012 authorized the execution of that certain TIF Project and Reimbursement Agreement dated March 18, 2013 (the “TIF Agreement”) between the City and Pizzuti Short North LLC (the “Developer”). Under the TIF Agreement, a portion of the funds generated from the Short North TIF are allocated toward reimbursing the Developer for costs associated with the parking garage on Franklin County Tax Parcel ID No. 010-052208, which has 313-spaces open to public use for a period of 25 years. As contemplated by the TIF Agreement, the Developer recently requested the City’s cooperation with a proposed bond issuance through the Columbus-Franklin County Finance Authority for the purpose of refinancing the remaining obligations. However, in lieu of incurring additional costs and interest on new bonds, and also in accordance with the TIF Agreement, the City has determined to use other available resources to fulfill the City’s remaining obligations thereunder. This legislation will authorize the appropriation and expenditure of monies generated from the AC Humko II TIF pursuant to Ordinance No. 0670-2004 for the purposes of fulfilling the City’s remaining obligations under the TIF Agreement. This legislation will also authorize the City to enter into an amendment to the TIF Agreement to terminate that Agreement effective upon the City fulfilling its remaining obligations thereunder.
Emergency Justification: An emergency exists in the usual daily operations of the Department of Development in that it is immediately necessary to authorize the appropriation and expenditure of the AC Humko II TIF funds contemplated herein, the payme...
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