Explanation
Background: Pursuant to Ordinance No. 1721-02, the City declared the Waggoner Road Area Tax Increment Financing District (the "Waggoner TIF District"). This ordinance authorizes a Project Acquisition Agreement with National Church Residences and will allow for the acquisition of public infrastructure improvements by the City within the Waggoner TIF District.
This Ordinance will be followed by a companion ordinance which will authorize the issuance of bonds in an amount not to exceed $2,000,000. The bonds will not be general obligations of the City, but will be special obligations payable solely from TIF revenues generated from property within the Waggoner TIF District.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Project Acquisition Agreement with National Church Residences for the acquisition and construction of certain public infrastructure improvements in the Waggoner TIF District; and to waive the competitive bidding requirements for the procurement of engineering services and construction.
Section 55(b) of the Charter of the City of Columbus
Body
WHEREAS, pursuant to Revised Code Sections 5709.40, 5709.42 and 5709.43 (the “Act”), the City by Ordinance No. 1721-02 (the “TIF Ordinance”) declared improvements to certain parcels of real property located in the Waggoner TIF District (the “Properties”) to be a public purpose, thereby exempting those improvements from real property taxation for a period of time, specified public infrastructure improvements to be made by the City or on its behalf, provided for the making of annual service payments in lieu of taxes by the owners of such parcels, and established the Waggoner Road Project Municipal Public Improvement Tax Increment Equivalent Fund #410 (the “TIF Fund”) into which such service payments shall be deposited; and
WHEREAS, the City desires to contract with National Church Residences (...
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