Explanation
Background: City Council passed Ordinance No. 1237-2015 on June 8, 2015 (the “2015 Ordinance”), creating the Old Dublin Road TIF, which the 2015 Ordinance was subsequently amended to add additional parcels by Ordinance No. 3168-2019 passed on December 16, 2019 (the “2019 Ordinance”). Pursuant to Ordinance No. 1849-2015 passed by City Council on July 13, 2015, the City previously entered into a Tax Increment Financing Agreement with Hallmark Dublin Road, LLC (the “Developer”) dated as of June 14, 2017 (the “Prior TIF Agreement”), and pursuant to Ordinance No. 1503-2017 passed by City Council on June 19, 2017, the City previously entered into a Construction Guaranteed Maximum Reimbursement Agreement with the Developer dated as of June 27, 2017 (the “CGMRA”) with respect to parcels relating to the 2015 Ordinance in order to reimburse the Developer for its portion of the costs of the public sanitary sewer line and water line improvements (the “Old Dublin/Trabue Sanitary Sewer Extension Project,” aka CIP No. 650145-100000 Drawing No. CC-17642), necessary for the development of the Old Dublin Road TIF area created by the 2015 Ordinance. The Developer has now completed its private development of approximately 270-unit apartments on Franklin County Auditor Tax Parcel ID No. 560-211803 (the “Private Project”) as well as the Old Dublin/Trabue Sanitary Sewer Extension Project necessary for the Private Project. The City has accepted the Old Dublin/Trabue Sanitary Sewer Extension Project and the Developer’s Cost Certificate, as provided in Section 4 of the Prior TIF Agreement, has been approved by the City in the amount of $1,459,947.93.
In furtherance of the 2015 Ordinance and the Prior TIF Agreement, this Ordinance approves and authorizes a new Tax Increment Financing and Cooperative Agreement by and among the City, the Columbus-Franklin County Finance Authority and the Developer (the “TIF Agreement”) in order for the Columbus-Franklin County Finance Authorit...
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