Explanation
BACKGROUND: City Council passed Ordinance 1237-2015 on June 8, 2015, establishing a tax increment financing area (TIF Area) benefiting parcels near Old Dublin Road pursuant to Section 5709.40(B) of the Ohio Revised Code. This ordinance approves and authorizes a tax increment financing agreement between the City and Hallmark Dublin Road, LLC ("Developer").
FISCAL IMPACT: No City funding is required for this legislation.
Title
To approve and authorize the execution of a tax increment financing agreement between the City and Hallmark Dublin Road, LLC, to provide for the construction and financing of improvements within and around the Old Dublin Road tax increment financing area; and to declare an emergency.
Body
WHEREAS, Sections 5709.40(B), 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 , 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; and
WHEREAS, pursuant to Ordinance 1237-2015 passed on June 8, 2015 (the “TIF Ordinance”), this Council created a tax increment financing in the area of Old Dublin Road (the “TIF Area”) (Exhibit A Map); and
WHEREAS, Hallmark Dublin Road, LLC ("Developer") has commenced making or causing to be made private improvements within the TIF Area (collectively, the “Private Improvements”); and
WHEREAS, the City has determined that it is in the best interest of the City and its residents that certain public infrastructure improvements be made in support of those Private Improvements, which public infrastructure improvements were included in the description of Public Infrastructure Improvements in the TIF Ordinance and the...
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