Explanation
Background: Council passed Ordinance No. 2117-2005 on December 12, 2005 to authorize the creation of ten tax increment financing districts (the "Incentive Districts") to provide funding for public infrastructure improvements in the northeast area of Columbus. City Council passed Ordinance No. 0715-2009 on June 8, 2009 to amend Exhibit C attached to Ordinance No. 2117-2005 to add various improvements and types of improvements to the public infrastructure funded by the services payments from the ten tax increment financing districts.
City Council passed Ordinance No. 2153-2005 on December 12, 2005 and passed Ordinance 0942-2010 on June 28, 2010 to authorize the Director of Development to enter into a memorandum of understanding, Northeast MOU, and subsequent amendments, First Northeast MOU Amendment and the First Administrative Amendment, (all three collectively the “NE MOU and Amendments”) with multiple developers to affirm the financial commitments for infrastructure improvements in five of the Incentive Districts (“NE MOU Incentive Districts”). This ordinance approves and authorizes the Director of Development to enter into a tax increment financing (TIF) agreement between the City of Columbus and the Homewood Corporation, one of the developers named in the Northeast MOU and Amendments, to provide for among other things the financing of additional City required waterline design revisions benefiting five of the NE MOU Incentive Districts.
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 Area.
Fiscal Impact: No City funding is required for this legislation.
Emergency Justification: Emergency legislation is required to allow for the immediate execution of the TIF Agreement, which is necessary to facilitate the construction of the public infrastructure project and to coincide with the establi...
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