Explanation
BACKGROUND: In response to a petition from the Department of Development, City Council, by its Ordinance No. 2172-2005 passed on December 12, 2005, approved the creation of the Short North Incentive District. Service payments in lieu of taxes made with respect to improvements within the Short North Incentive District are diverted to the Short North Tax Equivalent Fund and are intended to finance the creation of up to 500 public parking spaces in the Short North Incentive District to relieve parking overcrowding and spur job creation. A parking study was done in 2005 that identified a need for 500 additional parking spaces in the Short North TIF District. A development has been proposed in the Short North that would develop 250 of those 500 spaces. The City is committed to continue working to help generate the additional 250 parking spaces needed in the Short North area.
The attached ordinance authorizes the Director of Development to enter into a TIF Project and Reimbursement Agreement by and among the City and Apex Realty Enterprises, LLC to finance the construction of a parking garage containing 250 public parking spaces by assigning a portion of the service payments in lieu of taxes collected within the Short North TIF Incentive District to pay costs incurred for construction of that parking garage.
FISCAL IMPACT: The City has foregone the real property tax revenue that it would have received with respect to development within the Short North Incentive District. Instead, that revenue has been diverted to the Short North Tax Equivalent Fund, a portion of which will be applied and distributed pursuant to the TIF Project and Reimbursement Agreement.
Title
An ordinance approving and authorizing the Director of Development to execute a TIF Project and Reimbursement Agreement for the construction of a parking garage containing 250 public parking spaces in the Short North Incentive District; and to declare an emergency.
Bod...
Click here for full text