Explanation
1. BACKGROUND
On December 12, 2005, Columbus City Council approved Ordinance 2117-2005, which established ten tax increment financing (TIF) incentive districts in the northeast area of Columbus under Ohio Revised Code Section 5709.40(C). Annual service payments in lieu of taxes with respect to development within these incentive districts are paid into special funds established for the purpose of improving public infrastructure benefiting the incentive district(s). Improvements to Warner Road, designated as Warner Road Project Phase 2, will directly benefit parcels within the Albany Crossing TIF District. The following ordinance authorizes the City Attorney to acquire fee simple title and lesser interests, to contract for professional services, and to expend the monies for payment of acquisition costs in connection with the Warner Road Project Phase 2 out of TIF revenues from the Albany Crossing Incentive District.
2. FISCAL IMPACT
The Department of Public Service, Division of Design and Construction, has determined funding for this project will be from the Department of Development’s Albany Crossing TIF, pursuant to Ordinance 2117-2005, which passed on December 12, 2005. The Department of Development has agreed that source of funding can be used.
3. EMERGENCY DESIGNATION
Emergency action is requested to allow acquisition of the parcels necessary for this project to proceed without delay, thereby allowing this project to move forward as scheduled.
Title
To authorize the City Attorney to acquire fee simple title and lesser interests and to contract for professional services; to authorize the appropriation of $75,000.00 from the unappropriated balance in the Albany Crossing TIF Fund to the Albany Crossing TIF Fund; to expend $75,000.00 from the Albany Crossing TIF Fund for costs in connection with the Warner Road Project Phase 2; and to declare an emergency. ($75,000.00)
Body
WHEREAS, on December 12, 2005, Columbus City Council passed...
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