Explanation
BACKGROUND: The need exists to further amend the Reimbursement Agreement dated August 4, 2008, as amended by the First Amendment to the Reimbursement Agreement on November 14, 2012 (together, the “Reimbursement Agreement”), by and between the City of Columbus, Ohio and MORSO Holding Company. Ordinance 1028-2008 authorized the Director of Development to enter into the Reimbursement Agreement to provide for the construction and reimbursement of public improvements benefiting and serving the Easton area. An amendment is now needed to modify the calculation date for determining the reimbursement amount payable to MORSO Holding Co. pursuant to the Reimbursement Agreement.
Emergency action is necessary so that investment and construction may proceed to provide for the creation of jobs and economic opportunities, which are vitally needed to enhance revenues for the City and to improve the economic welfare of the people.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend the Reimbursement Agreement with MORSO Holding Co. for the purpose of modifying the calculation date for determining the reimbursement amount payable to the Developer for the construction of public improvements benefiting and serving the Easton area; and to declare an emergency.
Body
WHEREAS, the City, pursuant to authorization under Ordinance 1028-2008 passed by City Council on June 23, 2008, entered into a Reimbursement Agreement, dated as of August 4, 2008 (the “Original Agreement”), with the Developer for the purpose of providing for the payment to the Developer of amounts remaining from certain service payments in lieu of taxes (as defined in the Original Agreement, the “Service Payments”) available after providing for debt service charges and other deposits required under a Trust Agreement (the “Trust Agreement”), dated as of November 1, 2004, between the City and The Bank of New York Mellon ...
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