Explanation
BACKGROUND: This Ordinance authorizes the Director of the Department of Development to enter into a Memorandum of Understanding with the MORSO Holding Co. to spur economic development in the City of Columbus.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to execute a Memorandum of Understanding between the City and MORSO Holding Co. for the purpose of spurring economic development in Columbus; and to declare an emergency.
Body
WHEREAS, this Council desires to encourage economic development throughout the City of Columbus; and
WHEREAS, this Council finds and determines that the terms proposed in the Memorandum of Understanding by and between the City and MORSO Holding Co. (the “Developer”) will spur economic development in Columbus, assist the City in achieving its neighborhood revitalization priorities, and provides for the funding by the Developer in the amount of $5.75 million to support those City priorities. The funding will be made in three payments, of which $4.25 million will be paid directly to the City for deposit into the Neighborhood Partnerships Capital Fund (Fund No. 7790) and will be eligible for reimbursement through the existing Easton TIF (Fund No. 4401); and
WHEREAS, the Developer agrees to create an additional 500 new jobs within the City of Columbus beyond the job creation commitments already committed to through the MORSO Holding Co. Easton Gateway LLC CRA Agreement as authorized by Ordinance No (1206-2007) and amended by Ordinance No (2885-2014). This agreement is entered under the authorization of the Easton Square Place CRA as adopted by Resolution (0110X-2007) and amended by Ordinance No. (0709-2014); and
WHEREAS, the Developer agrees to provide in-kind support to Linden and other neighborhood development efforts as directed by the City; and
WHEREAS, the City agrees to submit for City Council consideration separate legislation to amend the ...
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