Explanation
Background: Wagenbrenner Development (the “Developer”) has finalized plans for its Grandview Crossing urban redevelopment project located at the northeast corner of Dublin Road and Grandview Avenue. The City and the Developer have entered into an Economic Development Agreement to further the project, and pursuant to that Economic Development Agreement, the City and the Developer desire for City Council to approve Tax Increment Financings (“TIFs”) under Section 5709.41 of the Ohio Revised Code to pay for certain infrastructure improvements in support of the project.
Ohio Revised Code Section 5709.41 requires that the City own the property prior to passing ordinances establishing the TIF. Therefore, this legislation is necessary to authorize the City to accept title to the land and then transfer ownership back to the Developer or its designee for redevelopment.
Emergency Justification:
Emergency legislation is required to allow for immediate transfers of title to the property, which must occur before the City can enact the TIF ordinances, which is necessary to facilitate the timely completion of the above-described project.
Fiscal Impact: There is no expenditure of City funds associated with the transfer of the property.
Title
To authorize the Director of the Department of Development to execute documents to allow the City to accept title to certain real property generally known as the site of the Grandview Crossing Project and subsequently transfer title to such property back to Wagenbrenner Development or its designee, and to declare an emergency.
Body
WHEREAS, Wagenbrenner Development (the “Developer”) has proposed to redevelop property located at the northeast corner of Dublin Road and Grandview Avenue and described on Exhibit A (the “Property”) by constructing a mixed use commercial and residential development known as the Grandview Crossing Project (the “Project”) consisting of approximately 200,000 square feet of Class A office space, 9...
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