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File #: 1416-2021    Version: 1
Type: Ordinance Status: Passed
File created: 6/1/2021 In control: Economic Development Committee
On agenda: 6/14/2021 Final action: 6/18/2021
Title: To appropriate and authorize the expenditure of TIF revenues to be deposited into the Ulry-Central College Tax Equivalent Fund (7442); to authorize the Director of Development to enter into a second tax increment financing agreement with M/I Homes of Central Ohio, LLC to provide for the reimbursement to M/I Homes of Central Ohio, LLC for the next phase of the Northeast MOU - Central College Ulry Road Reconstruction benefiting or serving the residential development of the northeast area of Columbus; and to declare an emergency.
Explanation
Background: City Council passed Ordinance 2117-2005 on December 12, 2005 to authorize the creation of ten tax increment financing incentive districts (the "TIF Districts") to provide funding for public infrastructure improvements in the northeast area of Columbus. City Council passed additional ordinances to amend Ordinance 2117-2005 in order to supplement the list of eligible public infrastructure improvements, to add certain new parcels to some of the existing TIF Districts, and to remove parcels from certain existing TIF Districts in order to create a new TIF area. Concurrently with the establishment of the TIF Districts, City Council passed Ordinance 2153-2005 on December 12, 2005 to authorize the Director of Development (the “Director”) to enter into a memorandum of understanding (the “Northeast MOU”) with multiple developers, including M/I Homes of Central Ohio, LLC (the “Developer”), to affirm the financial commitments for public infrastructure improvements in five of the TIF Districts associated with the Northeast MOU. City Council passed Ordinance 0942-2010 on June 28, 2010 to authorize the Director to enter into subsequent amendments to the Northeast MOU dated July 1, 2010 (the “First Amendment”) and dated May 9, 2019 (the “First Administrative Amendment and together with the Northeast MOU and First Amendment, the “NE MOU and Amendments”) to reaffirm and update financing commitments for the public infrastructure improvements in the northeast area of Columbus. Pursuant to the NE MOU and Amendments, one of the public infrastructure improvements is the Northeast MOU - Central College Ulry Road Reconstruction, CIP: 440106-100000. City Council passed Ordinance 3245-2019 on January 27, 2020 to enter into a tax increment financing agreement with the Developer for the first phase of said public infrastructure improvement. This ordinance (i) approves and authorizes the Director to enter into a second tax increment financing agreement with the Develope...

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