Explanation
BACKGROUND: The purpose of this ordinance is to authorize the Director of the Department of Development to enter into an Economic Development Agreement with NWD Investments, LLC, concerning the 25 acres of real property currently owned by NWD, known as the former Jaeger Commercial Park site (“Site”), located at 560 West Nationwide Boulevard.
The development project has been undertaken in cooperation and partnership with the City of Columbus, to result in a signature project for the West Nationwide Boulevard Arena District Area.
The Economic Development Agreement will outline the plans and certain commitments of both parties relating to the development. The plans and proposals remain subject to authorization pursuant to the adoption of appropriate legislation by Columbus City Council.
Under the Economic Development Agreement, the Department of Development will submit for City Council consideration all necessary legislation to provide a Community Reinvestment Area real property tax abatement of 100 percent, for a term of fifteen (15) years for the project, on the site.
Under the Economic Development Agreement, the Department of Development will submit for City Council consideration all necessary legislation to create a new Tax Increment Financing area in order to generate funds to support public improvements in the area.
Emergency action is requested in order to allow appropriate time for closing of the real estate transaction before the end of calendar year 2014.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an Economic Development Agreement with NWD Investments, LLC relating to the proposed development on the site known as the former Jaeger Commercial Park site and located at 560 West Nationwide Boulevard; and to declare an emergency.
Body
WHEREAS, NWD desires to develop 25 acres of real property known as the former Jaeger Commercial Park site ...
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