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 White Castle Management Co., a Delaware corporation, and to transfer the property back to White Castle Management Co., for the purpose of creating tax increment financing (“TIF”) pursuant to Ohio R.C. Section 5709.41.
White Castle Management Co. desires to redevelop real property currently owned by White Castle Management Co. generally located at 555 W. Goodale Street.
The City desires to create a TIF district pursuant to R.C. Section 5709.41, to help pay for certain public improvements, 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 property 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 White Castle Management Co. in the proposed district and then to transfer the property back to White Castle Management Co. The ordinance creating the TIF district is being submitted for consideration by City Council at a later date.
Fiscal Impact: There is no expenditure of City funds associated with the transfer of property.
Emergency Justification: Emergency legislation is required to allow for the immediate transfer of the property, which is necessary to establish the TIF and to maintain the project schedule and to coincide with the established development timeline.
Title
To authorize and direct the Director of the Department of Development to accept title to certain property owned by White Castle Management Co., a Delaware corporation, and to quit claim title to that property back to White Castle Management Co., reserving easement...
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