Explanation
BACKGROUND: The Council of the City of Columbus previously adopted Ordinance Number 3061-2015 to levy property assessed clean energy (“PACE”) special assessments on certain property located at 155 East Broad Street. The special assessments repay and secure financing for special energy improvement projects installed at the property. The financing was provided by the Columbus-Franklin County Finance Authority (the “Finance Authority”).
Under the authority granted by that ordinance, the City entered into a Special Assessment Agreement with the Columbus Regional Energy Special Improvement District, Inc. (the “District”), the County Treasurer of Franklin County, Ohio, and 155 SPE, LLC, an Ohio limited liability company, as assignee of NC Plaza LLC. Under the Special Assessment Agreement, the City agreed to cooperate with the other parties to reduce the amount of the special assessments levied if all or a portion of the financing was prepaid.
The District and the Finance Authority have notified the City that the financing provided for the special energy improvement projects is to be prepaid in full and have requested that the City reduce the special assessments previously levied down to $0.00.
This legislation is to reduce the amount of the special assessments previously levied down to $0.00 and to cause the County Auditor to remove the special assessments from the tax bills for the property.
Emergency action is requested on this legislation to allow the reduction of the special assessments to be certified to the County Auditor before real property tax bills for tax year 2020 are prepared.
FISCAL IMPACT: No funding is required for this legislation.
Title
To remove special assessments previously levied for certain public improvements in the City of Columbus, Ohio in cooperation with the Columbus Regional Energy Special Improvement District (155 East Broad Street Project), and to declare an emergency.
Body
WHEREAS, this Council (the “Council”) of...
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