Explanation
Background: Council passed Ordinance 3097-2015 on December 14, 2015 to establish the Milo-Grogan tax increment financing area (the “Milo-Grogan TIF”) to provide funding for public infrastructure improvements in the Milo-Grogan neighborhood by exempting certain improvements to parcels in the Milo-Grogan TIF; to require the owners of said parcels to make service payments in lieu of taxes for which the City will receive the non-school portion (the “Service Payments”) in a TIF fund created by the abovementioned ordinance (the “Milo-Grogan TIF Fund”) for the public infrastructure improvements. ECP AP MILO PARTNERS, LLC (the “Developer”) constructed or caused to be constructed approximately 192 multi-family units on approximately ±5 acres of real property adjacent to the southwest corner of Cleveland Avenue and Reynolds Avenue within the Milo-Grogan TIF composed of Franklin County Auditor Tax Parcel ID Number: 010-000752 (the “Site”). The City has determined that it is in the best interest of the City and its residents to cause the Developer to design and/or construct or cause to be designed and/or constructed certain public infrastructure improvements benefiting the Site and the Milo-Grogan TIF and to use the Service Payments deposited into the Milo-Grogan TIF Fund to reimburse the Developer for the costs of the construction of the public infrastructure improvements. This legislation will authorize the Director of Development to enter into a Tax Increment Financing Agreement (the “TIF Agreement”) with the Developer for the reimbursement of the construction of its public infrastructure improvements pursuant to the TIF Agreement, and this legislation will appropriate and authorize the expenditure of Service Payments in the Milo-Grogan TIF Fund for payment to the Developer or its designee pursuant to the terms of the TIF Agreement.
Fiscal Impact: No City funding is required for this legislation. The City is appropriating and authorizing the expenditure of...
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