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 Easton Square Place CRA. The amendment will, in part, amend the boundary of the CRA and allow for a ten (10) year CRA real property tax abatement under ORC Sections 3735.65 et seq. for new construction improvements on residential projects within the area. The tax abatement shall exempt 100% of the real property taxes attributable to new residential improvements in the first ten years an improvement is subject to the abatement; and
WHEREAS, this Ordinance constitutes an emergency measure necessary for the immediate preservation of the public peace, property, health and safety of the City, and for the further reason that this Ordinance is required to be immediately effective so that investment and construction may commence as soon as possible to provide for the creation of jobs and economic opportunities, which are vitally needed to enhance revenues for the City and to improve the economic welfare of the people; NOW THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. The Director of the Department of Development (the “Director”) is hereby authorized and directed to execute the Memorandum of Understanding (the “MOU”) in substantially the form now on file with the Director, with any changes or amendments thereto not substantially adverse to the City and approved by the Director and the City Attorney; provided that the approval of such changes and amendments by the Director and the City Attorney, and the character of those changes and amendments as not being substantially adverse to the City, shall be evidenced conclusively by the execution thereof by the Director and the City Attorney.
Section 2. For the reasons stated in the preamble hereto, which is made a part hereof, this Ordinance is declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten (10) days after passage if the Mayor neither approves nor vetoes this Ordinance.