Explanation
BACKGROUND: Ordinance 1716-2003 authorized the Director of the Department of Development to execute a Tax Increment Financing and Economic Development Agreement with Crosswoods Central Park, LLC. This agreement requires that Crosswoods Central Park, LLC, or then owners, make semi-annual service payments in lieu of taxes to the County Treasurer. Once the service payments are received by the City, the City shall deposit the funds into the Crosswoods Project Municipal Public Improvement Tax Increment Equivalent Fund (TIF Fund).
The TIF agreement provides that Crosswoods Central Park, LLC would make public improvements and these improvements would then be purchased by the City, which would make semi-annual payments to Crosswoods Central Park, LLC as TIF revenues accrued.
Emergency action is requested in order for the City to make the payment to Crosswoods Central Park, LLC. according to the schedule established in the agreement.
FISCAL IMPACT: This legislation authorizes the appropriation and expenditure of $464,072.55 so that payment can be made to Crosswoods Central Park, LLC.
Title
To authorize the appropriation of $464,072.55 from the Crosswoods TIF Fund; to authorize and direct the payment of $464,072.55 to Crosswoods Central Park, LLC. in accordance with the Tax Increment Financing and Economic Development Agreement; to authorize the expenditure of $464,072.55 from the Crosswoods Project Municipal Public Improvement Tax Increment Equivalent Fund; and to declare an emergency. ($464,072.55)
Body
WHEREAS, Ordinance 1716-2003, authorized the Director of the Development Department to enter into a Tax Increment Financing and Economic Development Agreement with Crosswoods Central Park LLC; and
WHEREAS, the Tax Increment Financing and Economic Development Agreement requires that Crosswoods Central Park LLC make semi-annual payments in lieu of taxes to the Franklin County Treasurer; and
WHEREAS, the Franklin County Tre...
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