Explanation
Background: Council, by its Ordinance No. 2117-2005 passed on December 12, 2005, approved the creation of ten tax increment financing districts (the "Incentive Districts") to provide funding for public infrastructure improvements in the northeast area of the City. That legislation provides that the owners of relevant real property are required to make payments in lieu of real property taxes which are to be distributed to relevant school districts and to designated tax increment equivalent funds. Payments in lieu of taxes that are deposited into the tax increment equivalent funds are to be used at the direction of the City for the purpose of funding the public infrastructure improvements identified in the legislation.
The Kroger Co. (the "Developer") has made application to the City for the rezoning of a portion of its property located at 5167 New Albany Road to permit the development of a gasoline sales use in association with the operation of an existing grocery store. In conjunction with this application, there has been recognition that the intersection nearest to the proposed development, at New Albany Road and Fodor Road, requires improvements, including but not limited to the construction of a roundabout, that would serve a benefit to the northeastern area of the City.
The City has also been considering supplementing the projects and types of infrastructure improvements allowed under Exhibit C attached to Ordinance 2117-2005 in order to add some other projects and to more generally broaden the categories of eligible projects.
This ordinance will amend Exhibit C attached to Ordinance 2117-2005 to add to the list of public infrastructure improvements that may be funded from payments in lieu of taxes that are collected from the Incentive Districts. The amended exhibit is attached hereto as Supplemented Exhibit C.
Emergency action is requested to avoid a harmful delay in the development process.
Fiscal Impact: The City prev...
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