Explanation
Background: The purpose of this ordinance is to authorize the Director of the Department of Development to enter into a Tax Increment Financing and Cooperative Agreement with Columbus-Franklin County Finance Authority and Pizzuti Properties/Miranova Limited (the “Developer”), for the Miranova development located in the City’s downtown.
The Developer previously completed construction of the Miranova development, which consists of a 28-story, 126-unit residential condominium tower with a 237-space parking garage, a 12-story mixed-use office tower with an attached parking garage, as well as public infrastructure improvements including storm sewer improvements, water line extensions, relocation of municipal electric lines, West Mound Street intersection improvements, West Mound Street improvements east of Short Street, extension of West Mound Street, east and west river accesses and Miranova Place street improvements. City Council previously established the Miranova TIF and entered into a Tax Increment Financing and Economic Development Agreement with the Developer to reimburse the Developer for costs of the Miranova development (the “Existing TIF Agreement”).
The Columbus-Franklin County Finance Authority has agreed to provide financing for the City’s obligation to reimburse the Developer for the public infrastructure improvements made by the Developer by issuing its bonds, provided that the City and Developer enter into a Tax Increment Financing and Cooperative Agreement with the Finance Authority in order that the service payments received by the City from the Miranova TIF and otherwise payable to the Developer under the Existing TIF Agreement shall first be used to pay debt charges on and costs incurred in connection with the Bonds.
Emergency Justification:
Emergency legislation is required to allow for immediate execution of the Tax Increment Financing and Cooperative Agreement, which is necessary to facilitate the timely completion of the above-...
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