Explanation
Background: City Council passed Ordinance No. 1237-2015 on June 9, 2015 (the “2015 Ordinance”), creating the Old Dublin Road TIF, which Ordinance was subsequently amended to add additional parcels by Ordinance No. 3168-2019 passed on December 18, 2019 (the “2019 Ordinance”). Pursuant to Ordinance 1849-2015, the City previously entered into a Tax Increment Financing Agreement with Hallmark Dublin Road, LLC dated as of June 14, 2017, with respect to parcels relating to the 2015 Ordinance. In furtherance of the 2019 Ordinance, this Ordinance approves and authorizes a Tax Increment Financing and Cooperative Agreement by and among the City of Columbus, the Columbus-Franklin County Finance Authority, and Preferred Real Estate Investments, Inc., to provide for the funding of costs of sanitary sewer improvements necessary for the continued development of the parcels added to the Old Dublin Road TIF by the 2019 Ordinance.
Emergency Justification: Emergency legislation is required to allow for immediate execution of the Tax Increment Financing and Cooperative Agreement, which is necessary to facilitate the timely completion of the above-described sewer improvements.
Fiscal Impact: No funding is required for this legislation. The City is appropriating and authorizing the expenditure of TIF revenues to be deposited in the Old Dublin Road Municipal Public Improvement Tax Increment Equivalent Fund generated by the parcels added to the Old Dublin Road TIF by the 2019 Ordinance
Title
To appropriate and authorize the expenditures of TIF revenues to be deposited in the Old Dublin Road Municipal Public Improvement Tax Increment Equivalent Fund generated by the parcels added to the Old Dublin Road TIF by Ordinance No. 3168-2019; to authorize the Director of the Department of Development to execute and deliver a Tax Increment Financing and Cooperative Agreement by and among the City of Columbus, the Columbus-Franklin County Finance Authority, and Preferred Real Esta...
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