Explanation
1. BACKGROUND
This resolution is to declare the necessity of 1) constructing streetscape improvements and 2) levying a special assessment on the parcels along the south side of Nationwide Boulevard between North Front Street and North High Street, the north and south sides of and in the median of Nationwide Boulevard between North High Street and North 4th Street, and parcels at the intersection of Nationwide Boulevard and North High Street north to the south edge of the railroad bridge in Downtown Columbus (known as the Roadway Improvements - Nationwide Boulevard Improvements project).
In 2013, the SID Public Services Association (the “Downtown SID”), Nationwide Realty Investors, Ltd. (“NRI”) and the City of Columbus, Department of Public Service initiated an effort with property owners on High Street and Nationwide Boulevard within the project boundaries to create a Special Benefit District to partially fund the construction of streetscape improvements in the Roadway Improvements - Nationwide Boulevard Improvements project (see attached Exhibit B). The purpose of the Special Benefits District is to create an improved pedestrian environment for the millions of visitors who are drawn annually to the Greater Columbus Convention Center and Arena District.
A ten-year special assessment on parcels within the Special Benefit District is estimated to total $1,900,000.00 and shall be collected in 20 consecutive semi-annual installments of $95,000.00 to pay for the debt service for the construction of streetscape improvements. The Franklin County Auditor’s Office shall collect the assessment and the first collection is estimated to occur in 2015.
The special assessment shall be allocated to each assessed parcel in the Special Benefit District based on the proportional benefit to each assessed parcel. The percentage of proportional benefit for each assessed parcel shall be multiplied by the $1,900,000.00 special assessment for the entire Special Benef...
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