Explanation
Background: The Department of Development determined to facilitate the redevelopment of certain parcels of real property in the area formally known as the Columbus Coated Fabrics Site, now known as the Weinland Park Area. In connection with that redevelopment the City entered into an Economic Development Agreement with Wagenbrenner Development, Inc., by Ordinance 1966-2008, passed January 26, 2009, by which the City agreed to create three tax increment financing areas pursuant to Sections 5709.40 (B), (C) and 5709.41 of the Ohio Revised Code. On October 19, 2009 Columbus City Council passed Ordinance 1283-2009 that created two Tax Increment Finance Areas, and on December 13th, 2010 Columbus City Council passed Ordinance 1799-2010 creating a Tax Increment Finance Incentive District.
The attached Ordinance approves and authorizes two separate tax increment financing agreements, one designated “Weinland Park Improvements”, the other designated “Weinland Park Public Service Improvements”, each between the City of Columbus and Wagenbrenner Development, Inc. (or its designee) to provide for the construction and financing of improvements within and around the tax increment financing areas, including improvements pursuant to Ohio Revised Code 5709.41.
Fiscal Impact: No City funding is required for this legislation.
Title
To approve and authorize the execution of two separate tax increment financing agreements between the City of Columbus and Wagenbrenner Development, Inc. (or its designee) to provide for the construction and financing of improvements within and around the tax increment financing areas and incentive district created by Ordinance 1283-2009, passed by the City Council October 19, 2009 and Ordinance 1799-2010 passed by the City Council on December 13, 2010; and to declare an emergency.
Body
WHEREAS, Sections 5709.40(B), 5709.41, 5709.42 and 5709.43 of the Ohio Revised Code authorize this Council, by ordinance, to declare the i...
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