Explanation
BACKGROUND:
Ordinance No. 2780-99 authorized the Director of Development Department to execute a Tax Increment Financing and Economic Development Agreement with Crewville LTD. This agreement requires that Crewville LTD 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 Crewville Urban Redevelopment Tax Increment Equivalent Fund.
FISCAL IMPACT:
This legislation authorizes the appropriation and expenditure of $54,829.87 so that payment can be made to Crewville LTD.
Emergency action is requested in order for the City to make the payment to Crewville LTD according to the schedule established in the agreement.
Title
To authorize the appropriation of $54,829.87 from the Crewville TIF Fund; to authorize and direct the payment of $54,829.87 to Crewville, LTD in accordance with the Tax Increment Financing and Economic Development Agreement; to authorize the expenditure of $54,829.87 from the Crewville TIF Fund; and to declare an emergency. ($54,829.87)
Body
WHEREAS, Ordinance No. 2780-99, authorized the Director of the Development Department to enter into a Tax Increment Financing and Economic Development Agreement with Crewville LTD; and
WHEREAS, the Tax Increment Financing and Economic Development Agreement requires that Crewville LTD 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 Crewville Urban Redevelopment Tax Increment Fund to deposit these payments; and
WHEREAS, the City will make semi-annual payments to Crewville LTD; and
WHEREAS, the balance of the Crewville Account of the Crewville Urban Redevelopment Tax Increment Equivalent Fund as of October 18, 2007 was $54,829.87; and
WHEREAS, an emergency exists in the usual dai...
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