Explanation
Background: This ordinance authorizes 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 NWD Investments LLC (NWD) for purposes of NWD contributing construction funds for the Department of Public Services’ West Nationwide Boulevard reconstruction project in the Arena West area of Downtown Columbus (the “Project”).
The City entered into a Tax Increment Financing Agreement (the “TIF Agreement”) with 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; and as amended by Ordinance 1648-2016 passed on June 27, 2016 (the “Jaeger Site/Buggyworks TIF Ordinance”) for the purpose of funding public improvements in the Arena District area.
On September 17, 2009, the City and 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 “2009 Agreement”). On August 22, 2016, under the authority of Ordinance No. 1648-2016 passed by City Council on June 27, 2016, the City and NWD entered into a Second Amendment to the Reimbursement Agreement, which amended the 2009 Agreement to include public improvements described in the Jaeger Site TIF/Buggyworks TIF Ordinance.
As part of the City and 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 impr...
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