Explanation
Background: 1489 Rohr Holding, LLC (the “Developer”) is proposing to construct a fifty six million dollar ($56,000,000) industrial/warehouse/distribution development including a minimum of approximately two million (2,000,000) square feet of industrial/warehouse/distribution space (the “Project”) on 229.993+/- acres located south of Rohr Road between the CSX railroad and Lockbourne Road (the “Site”). The Department of Development has submitted Ordinance 1443-2020 to this Council to authorize the execution of an Economic Development Agreement (the “EDA”) with the Developer to outline the Developer’s and City’s commitments. In furtherance of the EDA, the Developer will finance the upfront costs of design and construction and cause to be designed and constructed additional site improvements, amenities, and regional public improvements, and the Department of Development has submitted Ordinance 1447-2020 to this Council to establish under Ohio Revised Code Section 5709.40(B) a non-school Tax Increment Financing (“TIF”) area known as the Rickenbacker-317 TIF including the Site in order to support the reimbursement of the costs of eligible public infrastructure improvements necessary to support the development of the Site. This legislation approves and authorizes the Director of Development to enter into a TIF Agreement between the City and the Developer to provide for the terms of reimbursing the costs of the eligible public infrastructure improvements, and to appropriate and authorize the expenditure of the Rickenbacker-317 TIF Fund per the terms of the TIF Agreement.
Fiscal Impact: No City funding is required for this legislation. The City is appropriating and authorizing the expenditure of TIF revenues to be deposited in the Rickenbacker-317 municipal public improvement tax increment equivalent fund in accordance with the TIF Agreement.
Emergency Justification: Emergency legislation is required to allow for immediate execution of the TIF Agreement, whic...
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