Explanation
Background: Ordinance No. 2535-2020 authorized the City to enter into the (Economic) Development Agreement dated December 1, 2020 (the “Crown Pointe EDA”) with Metro Development, LLC. Under the Crown Pointe EDA, it was determined there was a need to finance the design and construction of public infrastructure improvements, and those costs would be reimbursed through per unit payments, tax increment financing, and new community authority (the “NCA”) community development charges (the “Charges”) in accordance with the public revenue program for the Big Darby Creek Watershed adopted by Resolution No. 0216X-2008 (the “Big Darby Revenue Program”). Resolution Nos. 0060X-2021 and 0242X-2021 then established the Big Darby West Broad Street NCA contemplated by the Crown Pointe EDA (the “Authority”) and its new community district (the “District”). Ordinance No. 2659-2021 approved and authorized the City to then enter into the Development Agreement dated November 22, 2021 (the “Blasuer EDA”) with Blauser Capital Ltd, which required their property to be added to the District and Charges imposed. Pursuant to Resolution Nos. 0182X-2022 and 0226X-2022, City Council then authorized the expansion of the District to include the property under the Blauser EDA. Ordinance No. 1501-2023 further approved and authorized the City to enter into the Development Agreement dated July 28, 2023 (the “Redwood EDA”) with Redwood USA, LLC, which required their property to be added to the District and Charges imposed, too. Pursuant to Resolution Nos. 0188X-2023 and 0217X-2023, City Council then authorized the expansion of the District to include the property under the Redwood EDA.
As anticipated in the Crown Pointe EDA, Blauser EDA, and Redwood EDA, after reimbursing each developer from their respective Charges for costs of any eligible public infrastructure improvements thereunder, the remaining Charges would be remitted by the Authority to the City pursuant to a separate agreement ...
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