Explanation
Background: Ordinance 2189-2020 authorized the City to enter into the First Partial Amendment to Economic Development Agreement dated January 29, 2021 (the “Amended EDA”) with Hamilton Crossing, LLC (the “Developer”), Casto AP Residential, LLC, The New Albany Company, LLC, and Center State Enterprises, LLC. The Developer’s project adjacent to the N. Hamilton Road and State Route 161 interchange is anticipated to include the design and construction of public infrastructure improvements, and these costs will be reimbursed through per unit payments, TIF revenue, and new community authority (the “NCA”) charges. Ordinance 1421-2021 approved and authorized the Director of the Department of Development (the “Director”) to enter into the Amended and Restated Tax Increment Financing & Reimbursement Agreement dated February 28, 2022 (the “Amended .40 TIF Agreement”) between the City and the Developer to provide for the terms of reimbursing the City and the Developer from the applicable TIF revenue and the per unit payment funds for eligible public infrastructure improvements costs. Pursuant to Resolutions 0032X-2022 and 0060X-2022, City Council then authorized the creation of the Hamilton Crossing Community Authority (the “Authority”). As anticipated in prior legislation and the Amended EDA, this legislation will authorize the Director, on behalf of the City, to enter into the Intergovernmental Cooperative Agreement and First Amendment to Amended .40 TIF Agreement with the Authority and the Developer. It will also establish a new city fund known as the Hamilton Crossing NCA Fund for the acceptance of deposits of NCA charges the City receives from the Authority, and then authorize the appropriation and authorization of the expenditure of such.
Fiscal Impact: No funding is required for this legislation. The City is accepting community development charges from the Hamilton Crossing Community Authority for deposit into a newly established NCA fund, and then is app...
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