Explanation
BACKGROUND: The purpose of this ordinance is to authorize the Director of the Department of Development to execute documents to allow the City to accept title to certain parcels of real property owned by HAMILTON CROSSING LLC, an Ohio limited liability company, and to transfer the property back to HAMILTON CROSSING LLC for the purpose of creating tax increment financing (“TIF”) pursuant to Ohio R.C. Section 5709.41.
HAMILTON CROSSING LLC desires to develop real property currently owned by HAMILTON CROSSING LLC along N. Hamilton Road and State Route 161. The City desires to create a TIF district pursuant to R.C. Section 5709.41, to help pay for certain public infrastructure costs, while protecting the Columbus City School District from loss of tax revenues by requiring payments in lieu of taxes to be made to the School District. R.C. Section 5709.41 requires that the City hold fee title to the property at some time prior to passing an ordinance in order to establish a TIF under that section. Therefore, this legislation is necessary to authorize the City to accept title to the real property owned by HAMILTON CROSSING LLC in the proposed district and then to transfer the property back to HAMILTON CROSSING LLC. The ordinance creating the TIF district is being submitted for consideration by City Council at a later date.
FISCAL IMPACT: There is no expenditure of City funds associated with the transfer of property.
Title
To authorize and direct the Director of the Department of Development to accept title to certain property owned by HAMILTON CROSSING LLC, an Ohio limited liability company, and to quit claim title to that property back to HAMILTON CROSSING LLC, reserving easement rights for any existing City owned utilities; and to declare an emergency.
Body
WHEREAS, the City of Columbus (the “City”) is committed to encouraging the redevelopment of existing property within the City limits; and
WHEREAS, HAMILTON CROSSING LLC, desires to dev...
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