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File #: 1421-2021    Version: 1
Type: Ordinance Status: Passed
File created: 6/1/2021 In control: Economic Development Committee
On agenda: 6/28/2021 Final action: 7/1/2021
Title: To authorize the reduction of appropriations in the Preserve, Dublin-Granville North and the NE PAWG Fund; to appropriate and/or authorize the transfer of monies from the Preserve, Dublin-Granville North, Dublin-Granville South and Dublin-Granville East TIF Funds and the NE PAWG Fund to either the Business Tax Incentive Fund or to a new project account within each of the TIF and PAWG Funds described herein; to appropriate and authorize the expenditure of 1) TIF revenues to be deposited into the Preserve, Dublin-Granville North, Dublin-Granville South, and Dublin-Granville East TIFs municipal public improvement tax increment equivalent funds and 2) per unit payments to be received by the City pursuant to the Amended EDA and to be deposited into the NE PAWG Fund (7772); to authorize the Director of Development to enter into the Amended and Restated Tax Increment Financing & Reimbursement Agreement with Hamilton Crossing, LLC to provide for the reimbursement to the City and Hamilton Cross...
Attachments: 1. ORD1421-2021 Account Codes 6-10-21
Explanation
Background: The City and Hamilton Crossing, LLC (the “Company” or the “Developer”), entered into a First Partial Amended to Economic Development Agreement dated January 29, 2021 (the “Amended EDA”) with Casto AP Residential, LLC, The New Albany Company, LLC, and Center State Enterprises, LLC to modify the plans and commitments of the parties in the original Economic Development Agreement dated September 24, 2015 (the “Original EDA”) for the development of ±108.02 acres of real property owned or controlled by the Developer located adjacent to the N. Hamilton Road and State Route 161 interchange (the “Site”). The Developer is proposing to construct approximately $75,000,000 to $85,000,000 of Class A office, retail, and mixed use development (the “Project”). The Project is anticipated to include the design and construction of public infrastructure improvements on or adjacent to the Site in order to support the Project described herein. These public infrastructure improvements are expected to be constructed in a phased manner and these costs will be reimbursed through per unit payments and TIF revenue as well as new community authority (the “NCA”) charges, upon the submission of a petition for City Council consideration to create an NCA.

Pursuant to the Original EDA, the City and the Developer previously entered into a Tax Increment Financing Agreement dated March 20, 2017 (the “Original .40 TIF Agreement”) that provided for the reimbursement to the Developer for public infrastructure improvements from monies in the Preserve, Dublin-Granville North, and Dublin-Granville South TIF funds (the “Original TIF Funds”) among other financing. Pursuant to the Amended EDA and Ordinance 2791-2020, the City expanded the eligible public infrastructure improvements and created the Dublin-Granville East TIF and its TIF fund (collectively with the Original TIF Funds, the “TIF Funds”). The Developer and its partners, pursuant to the Amended EDA, reaffirmed their commitme...

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