Explanation
Background: City Council passed Ordinance No. 1105-2018 on May 7, 2018 (the “TIF Ordinance”) establishing a tax increment financing area (TIF Area) known as the West Goodale TIF benefiting parcels located at 555 W. Goodale Street 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 White Castle Management Co. to provide for the construction and financing of certain improvements to the parcels.
The City has entered into an Economic Development Agreement with White Castle Management Co. and WC Goodale LLC pursuant to ordinance number 1602-2017 for purposes of funding public improvements at 555 W. Goodale Street.
An emergency exists in the usual daily operation of the Department of Development in that this Ordinance is required to be immediately effective in order to facilitate the continuing development of the TIF Areas.
Fiscal Impact: No City funding is required for this legislation.
Emergency Justification: Emergency legislation is required to allow for immediate execution of the tax increment financing agreement, which is necessary to facilitate the construction of public improvements to maintain the project schedule and to coincide with the established development timeline.
Title
To authorize the Director of the Department of Development, on behalf of the City, to enter into a tax increment financing agreement with White Castle Management Co., to provide for the construction and financing of public infrastructure improvements within and around the tax increment financing area created by Ordinance 1105-2018; 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 publ...
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