Explanation
BACKGROUND: The Council of the City of Columbus previously adopted ordinances authorizing the Director of the Department of Development to approve Finance Agreements for economic and community development projects that include the use of TIF, Energy Special Assessment and other types of payments that have enabled the issuance of bonds by the Finance Authority to accomplish important public policy goals.
Under these agreements, the City and Finance Authority have established a number of different payment dates and for the transfer of funds. This agreement will help to standardize those dates and allow for the efficient transfer of funds.
Emergency action is requested on this legislation to allow the special assessment process to proceed in a timely manner and allow financing for the special energy improvement projects to be obtained by the District.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an agreement with the Columbus-Franklin County Finance Authority (the “Finance Authority”), to improve the efficient transfer of funds related to Finance Agreements related to TIF, Energy Special Assessment (C-PACE) and other payments related to bonds issued by the Finance Authority; and to declare an emergency.
Body
WHEREAS, the City has previously entered into Tax Increment Financing and Cooperative Agreements and Energy Loan Agreements (collectively, the “Financing Agreements”) relating to economic development and financing projects identified in Exhibit A attached hereto; and
WHEREAS, pursuant to the Financing Agreements, the City has made or provided for payments of tax increment financing service payments in lieu of taxes or PACE special assessments (the “Financing Payments”) pursuant to the Financing Agreement; and
WHEREAS, the dates by which the City is required to make Financing Payments differ under the various Financing Agreements, which increases...
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