Explanation
Background: Kaufman Development dba The Gravity Project 2, LLC (together with its affiliate Gravity 2 - Garage, LLC, hereafter designated the “Developer”) has finalized plans for its Gravity Phase II urban redevelopment project (“Project”) located at 455 W. Broad Street and identified as Franklin County Tax Parcel 010-039621. The City, the Developer, and Columbus Housing Partnership (dba “Homeport”) have entered into an Economic Development Agreement (the “EDA”) to further the Project and provide for the financing of a structured parking facility with public spaces (the “Garage”) to be owned by the Columbus-Franklin County Finance Authority (the “CFA”). Furthermore, this Council passed Resolution 0326X-2019 to create the Gravity II New Community Authority, (the “NCA”) and the Department of Development has submitted for adoption by Council Ordinance 0072-2020 to create the Gravity Phase II Tax Increment Financing (TIF) area to each support the reimbursement of the CFA bonds financing the Garage. In furtherance of the EDA, this legislation approves and authorizes the Director of Development to enter into a Tax Increment Financing Cooperative Agreement by and among the City, the CFA, the NCA, and the Developer to provide for the terms of the financing of the Project’s Garage. This legislation also appropriates and authorizes the expenditure of the Gravity Phase II TIF Funds for the term of the TIF Cooperative Agreement.
Fiscal Impact: No funding is required for this legislation.
Emergency Justification: Emergency legislation is required to allow for immediate execution of the TIF Cooperative Agreement, which is necessary to facilitate the timely financing and completion of the above described Garage.
Title
To authorize the Director of the Department of Development to enter into a Tax Increment Financing Cooperative Agreement by and among the City of Columbus, the Columbus-Franklin County Finance Authority, the Gravity II New Community Authority, and...
Click here for full text