Explanation
BACKGROUND: Ordinance 1578-98 authorized the Director of the Department of Development to execute a Tax Increment Financing and Economic Development Agreement with Pizzuti Properties/Miranova Limited (Pizzuti). This agreement requires that Pizzuti make semiannual 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 Miranova Urban Redevelopment Tax Increment Equivalent Fund. The agreement states that 81.12% of each service payment be credited to the Miranova Project Account and 18.88% of each service payment shall be credited to the City Riverfront Vision Account. Annually, payments from the Miranova Project Account are to be paid to Pizzuti.
FISCAL IMPACT: This legislation authorizes the appropriation and expenditure of $552,003.35 so that payment can be made to Pizzuti Properties/Miranova Limited.
Emergency action is requested in order for the City to make the payment to Pizzuti Properties/Miranova Limited according to the schedule established in the agreement.
Title
To authorize the appropriation of $552,003.35 from the Miranova TIF Fund; to authorize and direct the payment of $552,003.35 to Pizzuti Properties/Miranova Limited in accordance with the Tax Increment Financing and Economic Development Agreement; to authorize the expenditure of $552,003.35 from the Miranova TIF Fund; and to declare an emergency. ($552,003.35)
Body
WHEREAS, the Tax Increment Financing and Economic Development Agreement requires that Pizzuti Properties/Miranova Limited make semi-annual payments in lieu of taxes to the Franklin County Treasurer; and
WHEREAS, the Franklin County Treasurer forwards a portion of these payments to the City; and
WHEREAS, the City has established the Miranova Urban Redevelopment Tax Increment Fund to deposit these payments; and
WHEREAS, the City will pay Pizzuti Properties/Miranova Limited annually the balance o...
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