Explanation
Background: City Council passed Ordinance No. 2117-2005 on December 14, 2005 (the “TIF Ordinance”) establishing a tax increment financing districts (TIF Districts) known as the Preserve Incentive District TIF, Dublin Granville North Incentive District TIF and Dublin Granville South Incentive District TIF benefiting parcels located in the northeast area of the city in the Columbus School District pursuant to Section 5709.40(C) of the Ohio Revised Code. Ordinance No. 2842-2016 passed on November 21, 2016, authorized the Director of Development to enter into a tax increment finance agreement with Hamilton Crossing LLC to provide for the construction and financing of certain improvements within and around those tax increment finance districts.
Due to the many public improvement projects to take place in this area, there may be a need for multiple departments to enter into subsequent agreements with Hamilton Crossing LLC. This ordinance will amend Ordinance No. 2842-2016 by adding language that authorizes the Director of Development or other appropriate officers of the City to execute subsequent agreements with Hamilton Crossing LLC. By way of example, such agreements would include Design Guaranteed Maximum Reimbursement Agreements, Construction Guaranteed Maximum Reimbursement Agreements, and Utility Relocation Agreements.
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 Districts.
Fiscal Impact: No City funding is required for this legislation.
Emergency Justification: Emergency legislation is required to allow for the immediate amendment to the ordinance authorizing the subsequent agreements, which is necessary to facilitate the design and construction of public improvements to maintain project schedules and to coincide with the established development timeline.
Title
To amend Ordinance No. 2842-...
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