Explanation
Background: By its Ordinance No. 1578-1998 passed June 29th, 1998, the Columbus City Council established the Miranova TIF Area pursuant to Section 5709.41 of the Ohio Revised Code, declared the improvements to certain parcels to be a public purpose and exempt from taxation, provided for the owner of each parcel to make annual service payments in lieu of taxes, and provided for the non-school portion of those service payments to be paid to the City for deposit into an urban redevelopment tax increment equivalent fund (the "TIF Fund") established in that Ordinance No. 1578-1998.
This ordinance provides for the appropriation of monies on deposit in that TIF fund to be used to fund public infrastructure improvements in accordance with that Ordinance No. 1578-1998 and the related Tax Increment Financing and Economic Development Agreement, which was authorized by Ordinance No. 1578-1998 and executed September 28th, 1998.
Emergency Justification: Emergency action is requested in order to make necessary disbursements before the year's end.
Fiscal Impact: No additional funding is required for this legislation.
Title
To appropriate monies on deposit in the Miranova Urban Redevelopment Tax Increment Equivalent Fund (the "TIF Fund") to be used to fund public infrastructure improvements benefiting or serving the Miranova TIF Area and further described in a Tax Increment Financing and Economic Development Agreement by and among the City of Columbus and Pizzuti Properties/Miranova Limited; and to declare an emergency.
Body
WHEREAS, by its Ordinance No. 1578-1998 passed June 29th, 1998 (the "TIF Ordinance"), this Council established the Miranova TIF Area (the "TIF Area") pursuant to Section 5709.41 of the Ohio Revised Code, declared 100% of the increase in assessed value of each parcel located within that TIF Area (which increase in assessed value is referred to as the "Improvement," as further defined in Section 5709.41 (A) of the O...
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