Explanation
BACKGROUND: This ordinance authorizes: 1) the Director of the Department of Development to enter into a Guaranteed Maximum Reimbursement and Construction Contribution Agreement, along with future amendments for contribution agreements if needed, with Nationwide Realty Investors, Ltd. (NRI) NWD Investments LLC (NWD) for purposes of NRI NWD contributing construction funds for the Department of Public Utilities’ Power Duct Improvements in the Arena West area of Downtown Columbus (the “Project”); and 2) the City Auditor to deposit the funding contribution from NRI NWD into the Street & Highway Improvements Fund.
The City entered into a Tax Increment Financing Agreement (the “TIF Agreement”) with NRI NWD pursuant to Ordinance 2356-98 and Ordinance 2357-98 passed by its City Council on September 14, 1998; Ordinance 2092-01 and Ordinance 2093-01 passed on December 17, 2001 (the “Original TIF Ordinances”) as amended by Ordinance 1534-2011 and Ordinance 1535-2011 passed by its City Council on September 26, 2011 for the purpose of funding public improvements in the Arena District area.
On September 17, 2009, the City and NRI NWD entered into a TIF Agreement amendment under the authority of Ordinance 1554-2008 passed by its City Council on October 20, 2008, to pay costs of additional public infrastructure improvements in the Nationwide Arena District TIF, Pen Site TIF, Pen West East TIF and Pen West West TIF agreement areas (the “Arena TIFs”). As part of the City and NRI’s NWD’s commitment to the ongoing development of the Arena District, the parties continue to collaborate through the Public-Private Partnership Process (3P), on the design and construction of TIF-eligible public infrastructure improvement projects that support private development activities.
NRI NWD has undertaken the design of the West Nationwide Boulevard Improvements that will include the reconstruction of Nationwide Boulevard and Hocking Street and will include the installation of a new ...
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