Explanation
BACKGROUND: The purpose of this ordinance is to authorize the Director of the Department of Development to execute documents to allow the City to accept title to certain parcels of real property owned by NWD 500 Nationwide, LLC (“NWD 500”) and 400 West Nationwide Boulevard, LLC (“NWD 400, and together with NWD 500, “NWD”) and to transfer the properties back to NWD for the purpose of creating tax increment financing (“TIF”) pursuant to Ohio R.C. Section 5709.41.
NWD desires to redevelop real property it currently owns along West Nationwide Boulevard and West Spring Street, including the former Jaeger site and a portion of the former Columbus Buggy Works site.
The City desires to create one or more TIFs pursuant to R.C. Section 5709.41, to help pay for certain public infrastructure costs, while protecting the Columbus City School District from loss of tax revenues by requiring payments in lieu of taxes to be made to the School District. R.C. Section 5709.41 requires that the City hold fee title to the properties at some time prior to passing an ordinance in order to establish a TIF under that section. Therefore, this legislation is necessary to authorize the City to accept title to the real property owned by NWD to be placed in the proposed TIFs and then to transfer the properties back to NWD. The TIF ordinance will be submitted for consideration by City Council at a later date.
Emergency action is necessary so the City may execute certain documents to accomplish the acceptance and subsequent transfer back to NWD of the respective real property within the proposed TIFs, all prior to the City’s enactment of the TIF ordinance.
FISCAL IMPACT: There is no expenditure of City funds associated with the transfers of property.
Title
To authorize and direct the Director of the Department of Development to accept title to certain properties owned by NWD 500 Nationwide, LLC and 400 West Nationwide Boulevard, LLC and to quit claim title to those proper...
Click here for full text