Explanation
Background: In 1998 the City entered into a Community Reinvestment Area (CRA) Agreement with Nationwide Arena LLC (NWA), Franklin County Convention Facilities Authority, Capitol South Service Corporation, and the Board of Education of the Columbus City School District (CBE) which granted a ninety-nine (99%) real property tax exemption for fifteen years for the multi-purpose arena known as Nationwide Arena, the attached practice ice facility, garage, and restaurant, and all other improvements located on the Arena site. Under the CRA Agreement, the City and NWA agreed to make cash payments to CBE during the exemption period in an aggregate amount equal to the amounts CBE would otherwise have received as real property taxes on the Arena and attached facilities absent the real property tax exemption (less certain revenues and credits set forth in the CRA Agreement). However, the CBE and NWA disagreed as to the true value of the Arena and attached facilities. The disagreement resulted in proceedings pending in the Common Pleas Court of Franklin County, Ohio and the Franklin County Board of Revision for determination of the true value of the Arena and attached facilities for real estate tax purposes. This ordinance is a result of an effort to resolve the dispute over the true value of the project, with the parties attempting to settle all of their respective rights and obligations under the CRA Agreement and Amend the CRA Agreement.
Fiscal Impact: No funding is required for this legislation.
Emergency Justification: Emergency action is required to resolve this dispute in a timely manner.
Title
To authorize the Director of the Department of Development to execute an amendment to the Arena CRA agreement by, among and between the City, Nationwide Arena LLC (NWA), Franklin County Convention Facilities Authority, Capitol South Service Corporation, and the Board of Education of the Columbus City School District (CBE) to resolve the dispute over ...
Click here for full text