Explanation
BACKGROUND: City Council passed Ordinance 3012-2015 on December 7, 2015 (the “TIF Ordinance”) establishing a tax increment financing area (TIF Area) known as the Dublin Granville West TIF benefiting parcels near Hamilton Road and 161 in the Columbus School District pursuant to Section 5709.41 of the Ohio Revised Code. This Ordinance approves and authorizes a tax increment financing agreement between the City of Columbus and HAMILTON CROSSING LLC to provide for the construction and financing of certain improvements to the parcel.
FISCAL IMPACT: No City funding is required for this legislation.
Title
To authorize the Director of the Department of Development, on behalf of the City, to enter into a tax increment financing agreement with HAMILTON CROSSING LLC to provide for the construction and financing of public infrastructure improvements within and around the Dublin Granville West tax increment financing area, created by Ordinance 3012-2015; and to declare an emergency.
Body
WHEREAS, Sections 5709.41, 5709.42 and 5709.43 of the Ohio Revised Code authorize this Council, by ordinance, to declare the improvement to certain parcels of real property located within the corporate boundaries of the City of Columbus, Ohio (the “City”), to be a public purpose and exempt from taxation, require the owner of each parcel to make service payments in lieu of taxes, and specify public infrastructure improvements made, to be made or in the process of being made that directly benefit, or that once made will directly benefit, those parcels; and
WHEREAS, pursuant to Ordinance No. 3012-2015 passed on December 7, 2015 (the “TIF Ordinance”), this Council created a tax increment financing in the area of Dublin Granville West (the “TIF Area”) (Exhibit A Map); and
WHEREAS, HAMILTON CROSSING LLC has commenced making or causing to be made private improvements within the TIF Area (collectively, the “Private Improvements”); and
WHEREAS, the City has determined th...
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