Explanation
Background: Kaufman Development dba The Gravity Project 2, LLC (the “Developer”) has finalized plans for its Gravity Phase II urban redevelopment project (“Project”) located between W. Broad St. on the north, W. State St. on the south, McDowell St. on the west, and the CSX railroad on the east. 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 Financing (“TIF”) 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 the City to hold fee title to the parcel(s) prior to the adoption of the ordinance(s) establishing the TIF(s). 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 of the Project.
Emergency Justification:
Emergency legislation is required to allow for immediate transfer of title to the property, which must occur before the City can adopt the TIF ordinance and 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 certain real property generally known as the site of the Gravity Project 2.0 and subsequently transfer title to such property back to Kaufman Development dba The Gravity Project 2, LLC or its designee; and to declare an emergency.
Body
WHEREAS, Kaufman Development dba The Gravity Project 2, LLC (the “Developer”) has proposed to redevelop property located between W. Broad St. on the north, W. State St. on the south, McDowell St. on...
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