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File #: 2481-2020    Version: 1
Type: Ordinance Status: Passed
File created: 10/28/2020 In control: Economic Development Committee
On agenda: 11/9/2020 Final action: 11/12/2020
Title: To authorize the Director of the Department of Development to execute and acknowledge any documents, as approved by the City Attorney’s Office, necessary to accept and transfer any real estate and to enter any agreements associated with Confluence Development, LLC, the Developer, and the Confluence Community Authority, the Authority, for the creation of the Stadium 41 TIF in accordance with the Economic Development Agreement; to waive Land Review Commission Requirements; and to declare an emergency.
Attachments: 1. ORD2481-2020 Stadium 41 TIF Parcels Transfer Ex A
Explanation
Background: The City, in cooperation and partnership with Franklin County and the Crew SC Stadium Company, LLC, a Delaware limited liability company, (together with its affiliated or subsidiary entities, including Confluence Development, LLC - the “Developer”), entered into an Economic Development Agreement dated as of July 3, 2019 as authorized by Ordinance Number 1730-2019, including but not limited for the financing, development, construction, operation, and occupancy of a new multi-purpose sports, entertainment, cultural and recreational facility (the “Stadium”), and the development of a project containing mixed-use retail, entertainment, residential, hospitality, office and/or commercial uses (the “Mixed-Use Development”) adjacent to the Stadium (collectively the “Project”) near the western terminus of Nationwide Boulevard and the Olentangy River. The Economic Development Agreement was subsequently amended by a certain First Amendment to Development Agreement dated as of December 19, 2019, which added the Confluence Community Authority as a Party (the Economic Development Agreement and First Amendment collectively the “EDA”). Pursuant to the EDA, the Confluence Community Authority (the “Authority”) was created to among other things hold legal title to the Stadium, and the Project would involve the establishment of tax increment financing under O.R.C. 5709.41 (the “Stadium 41 TIF”) O.R.C. 5709.41 requires the City to hold fee title to the Project parcels prior to the adoption of the ordinance establishing the Stadium 41 TIF. Therefore, this legislation is necessary to authorize the City to accept title to the Project parcels from the Developer and the Authority, and then transfer title back to the Developer and the Authority in order to establish the Stadium 41 TIF.

Emergency Justification:
Emergency legislation is requested in order to timely create the Stadium 41 TIF as contemplated in the EDA, thereby allowing the Project to timely and effi...

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