Explanation
Background: The City and Hamilton Crossing, LLC (the “Company”), Casto AP Residential, LLC, The New Albany Company, LLC, and Center State Enterprises, LLC previously entered into an Economic Development Agreement dated September 24, 2015 (the “Original EDA”) to outline the plans and commitments of the parties for the development of 330 acres of real property located adjacent to the N. Hamilton Road and State Route 161 interchange. The Company is proposing to construct approximately $75,000,000 to $85,000,000 of Class A office, retail, and mixed use development on approximately ±96.21 acres of real property owned by the Company (the “Project”) and its wholly owned subsidiaries located to the south of the N. Hamilton Road and State Route 161 interchange (the “Site”). The Project is anticipated to include the design and construction of public infrastructure improvements on or adjacent to the Site in order to support the Project described herein. These public infrastructure improvements are expected to be constructed in a phased manner and these costs will be reimbursed through per unit payments and TIF revenue as well as new community authority (the “NCA”) charges, upon the submission of a petition for City Council consideration to create an NCA. This legislation authorizes the Director of the Department of Development to release the Company and the other companies from certain commitments in the Original EDA and to enter into an amendment to the Original EDA (the “Amended EDA”) to outline the parties’ commitments. The Department of Development will submit or has submitted for City Council consideration additional legislation to 1) create a new Tax Increment Financing area, 2) 2) abate real property taxes to support the Class A office portion of the Site, and 3) amend and restate the existing TIF Agreement.
Fiscal Impact: There is no fiscal impact for this legislation.
Emergency Justification: Emergency legislation is necessary to authorize the Director...
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