Explanation
Background: The Columbus City Council passed Ordinance 1301-2010 on October 4, 2010, establishing a tax increment financing (TIF) area benefiting parcels near 3rd Avenue and Olentangy River Road pursuant to Section 5709.40(B) of the Ohio Revised Code.
The City Council by Ordinance 2130-2011, passed on December 5, 2011, authorized the Director of Development to enter into a Tax Increment Finance Agreement with NRI Equity Land Investments, LLC, dated as of July 12, 2012, to provide for the construction and financing of certain improvements within and around that tax increment finance area.
The City Council passed Ordinance No. 0587 -2013 on March, 18, 2013 authorizing the City to enter into a First Amendment to Tax Increment Financing Agreement with the Developer, dated as of April 15, 2013 the First Amendment, the First Amendment together with the Original Agreement shall be referred to herein as the “TIF Agreement”).
The City Council passed Ordinance No. 2415-2016 on October 3, 2016 authorizing the City to enter into a Second Amendment to Tax Increment Financing Agreement with the Developer, dated as of April 15, 2013 the First Amendment and Second Amendment together with the Original Agreement shall be referred to herein as the “TIF Agreement”.
The City and the Developer now desire to amend the Tax Increment Financing Agreement by entering into a Third Amendment to the Tax Increment Financing Agreement substantially in the form on file with the Director of Development, to clarify project financing. This Ordinance will authorize the Director of Development to execute the agreement.
Emergency action is requested in that this Ordinance is required to be immediately effective in order to facilitate the continuing development of the TIF Area.
Fiscal Impact: No City funding is required for this legislation.
Title
To authorize the Director of Development to amend the 3rd Avenue and Olentangy River Road Tax Increment Finan...
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