Explanation
This ordinance will serve as a technical correction for language inadvertently omitted from Ordinance 0178-2004 and the Project Acquisition Agreement thereto.
Title
To authorize the Director of Development to execute the amendment of the City's Project Acquisition Agreement dated February 1, 2004 with National Church Residences; and to declare an emergency.
Body
WHEREAS, in accordance with Sections 5709.40, 5709.42 and 5709.43 of the Ohio Revised Code, the City of Columbus, Ohio (the "City"), pursuant to its Ordinance No. 1721-02, passed November 25, 2002 (as the same may he amended or supplemented, the "TIF Ordinance"), has among other things, (i) declared the increase in the assessed value of certain real property described in the TIF Ordinance (the "Property") subsequent to the date of the TIF Ordinance to be a public purpose; (ii) exempted 100% of such increase in assessed value from taxation for a period of thirty (30) years; (iii) required the current and future owners of the Property to make annual service payments in lieu of real property taxes (the "TIF Payments"); (iv) determined that certain public improvements (the "Improvements") would benefit or serve the Property; and (v) established the Waggoner Road Tax Increment Equivalent Fund (the "TIF Fund") into which the TIF Payments (other than amounts required by the TIF Ordinance to he paid to the Columbus City Council) are to he deposited and from which costs of the Improvements may be paid; and
WHEREAS, National Church Residences, an Ohio nonprofit corporation having its principal office in Columbus, Ohio (the "Developer"), for itself and on behalf of its affiliates, Waggoner Senior Housing Limited Partnership, National Church Residences of Waggoner Road and Waggoner Woods Limited Partnership, was or is the owner, or is the affiliate of the owner, of certain parcels of real property constituting a portion of the Property; and
WHEREAS, in order to implement the acquisit...
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