Explanation
Background: City Council passed Ordinance No. 2117-2005 on December 12, 2005 (the “TIF Ordinance”) establishing tax increment financing areas (Dublin-Granville North, Dublin-Granville South and Preserve Incentive Districts, known as the “TIF Areas”) benefiting parcels in the northeast area of the city pursuant to Section 5709.40 of the Ohio Revised Code. The attached Ordinance approves and authorizes a tax increment financing agreement between the City of Columbus and Hamilton Crossing, LLC, to provide for the construction and financing of certain improvements to the parcels.
The City has entered into an Economic Development Agreement with Hamilton Crossing, LLC, Casto AP Residential, LLC, The New Albany Company LLC, and Center State Enterprises LLC pursuant to ordinance number 1802-2015 for purposes of funding public improvements in the area adjacent to N. Hamilton Road and State Route 161.
An emergency exists in the usual daily operation of the Department of Development in that this Ordinance is required to be immediately effective in order to facilitate the continuing development of the TIF Areas.
Fiscal Impact: No City funding is required for this legislation.
Emergency Justification: Emergency legislation is required to allow for immediate execution of the tax increment financing agreement, which is necessary to facilitate the construction of public improvements to maintain the project schedule and to coincide with the established development timeline.
Title
To authorize the Director of the Department of Development, on behalf of the City, to enter into a tax increment financing agreement with Hamilton Crossing, LLC, to provide for the construction and financing of public infrastructure improvements within and around the tax increment financing areas created by Ordinance 2117-2005 (Dublin Granville North, Dublin Granville South and Preserve Incentive Districts); and to declare an emergency. AMENDED BY ORD. 0507-2018 PASSED; 2/26/2018.
B...
Click here for full text