Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into a Memorandum of Understanding (MOU) with Preferred Real Estate Investments II, LLC, providing for developer contribution payments and potential participation in a New Community Authority (NCA) and a Tax Increment Financing (TIF) District. The MOU is in connection with a proposed residential development on Thompson Road in northeast Columbus. The agreement covers aspects of the City's policy to Pay as We Grow and Grow with a Plan.
Emergency action is requested to allow the agreement to be entered into in a timely manner.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Memorandum of Understanding with Preferred Real Estate Investments II, LLC to provide for infrastructure improvements and balanced development; and to declare an emergency.
Body
WHEREAS, the City and Preferred Real Estate Investments II, LLC ("Developer") desire to enter into the attached Memorandum of Understanding ("MOU") consistent with the City's policy to Pay as We Grow and Grow with a Plan; and
WHEREAS, the purpose of the MOU is to provide sufficient satisfactory infrastructure for planned and balanced development in the general area of Thompson Road and northeast Columbus; and
WHEREAS, an emergency exists in the usual daily operation of the City of Columbus, in that it is immediately necessary to authorize the Director of the Department of Development to enter into the Memorandum of Understanding without delay so that planning and other actions can begin, thereby preserving the public health, peace, property, safety and welfare; Now, Therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. The Memorandum of Understanding (MOU) attached hereto, by and between this City and Preferred Real Estate Investments II, LLC, providing fo...
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