Explanation
BACKGROUND: City Council passed Ordinance 1721-2005 on October 26, 2005 (the “TIF Ordinance”), establishing a tax increment financing area (TIF Area) benefiting parcels near the Brewery District known as the Brewery District II Incentive District pursuant to Section 5709.40(C) of the Ohio Revised Code. Ordinance 1142-2007 authorized the execution of a TIF Agreement. This Agreement was entered into on August 27, 2007 between the City and Grange Mutual Casualty Company. Since the creation of the Brewery District II TIF, $207,329 has been expended in accordance with the TIF Agreement. The public improvements contemplated by the Agreement have been completed and no new public improvements are planned by the Developer; however, since the Agreement does not clearly expire or terminate by its own terms, the parties need to amend it in order to effectively terminate it. Therefore, the Department of Development is requesting authorization to amend the TIF Agreement to provide for its termination so that the remaining TIF funds can be used for new public improvements.
FISCAL IMPACT: No City funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend the Tax Increment Finance Agreement between the City and Grange Mutual Casualty Company in the Brewery District II TIF area so that the Agreement can be terminated; and to declare an emergency.
Body
WHEREAS, Sections 5709.40(C), 5709.42 and 5709.43 of the Ohio Revised Code authorize this Council, by ordinance, to declare the improvement to certain parcels of real property located within the corporate boundaries of the City of Columbus, Ohio (the “City”), to be a public purpose and exempt from taxation, require the owner of each parcel to make service payments in lieu of taxes, and specify public infrastructure improvements made, to be made or in the process of being made that directly benefit, or that once made will directly benefit, those parcels; a...
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