Explanation
BACKGROUND: The City, in cooperation and partnership with Franklin County and the Crew SC Stadium Company, LLC, a Delaware limited liability company, entered into a Development Agreement dated July 3, 2019 as authorized by Ordinance No. 1730-2019, documenting the parties’ agreements relating to the development of a new multi-purpose sports, entertainment, cultural and recreational facility (the “Stadium”), and 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. Pursuant to the Development Agreement and Resolution Nos. 0230X-2019 and 0252X-2019, the Confluence Community Authority (the “Authority”) was created to among other things hold legal title to the Stadium and to issue development bonds and/or put in place other financing for the Project (the “Project Financing”). The Development Agreement was subsequently amended by a certain First Amendment to Development Agreement dated as of December 19, 2019, which added Crew SC Development Company, LLC, a Delaware limited liability company and the Authority as parties (the Development Agreement and First Amendment collectively the “EDA”).
Pursuant to the EDA, the City agreed to support the Project by establishing tax increment financing under O.R.C. 5709.41 (the “Stadium 41 TIF”) to assist in securing the Project Financing. In accordance with O.R.C. 5709.41, the Department of Development has submitted Ordinance No. 2481-2020 to authorize the City to accept title to the Project parcels from Confluence Development LLC, a Delaware limited liability company (the “Developer”), an affiliate of Crew SC Stadium Company, LLC, and the Authority, and then transfer title back to the Developer and the Authority in order to establish the Stadium 41 TIF. In order to further implement the EDA, the Department o...
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