Explanation
Background: The purpose of this ordinance is to authorize the Director of Development to enter into a Memorandum of Understanding (the “MOU”) with Campus Partners for Community Urban Redevelopment (“Campus Partners”) to outline the certain commitments relating to the redevelopment of a +/-9 acre district in the vicinity of 15th Avenue and High Street that will include new commercial office, restaurant/retail space, hotel, residential and a public parking garage (“15+HIGH”), in addition to other public infrastructure improvements that include the reconnection of side streets to High Street, the transformation of Pearl Alley into a pedestrian alley, and public utility work. As part of a Public-Private Partnership (P3) and pursuant to Ordinance 2888-2014 approved by Council on December 8, 2014, the City created the University TIF generally between High Street and Pearl Alley to the west and east, and Lane Avenue and Chittenden Avenue to the north and south as described on Exhibit A of the TIF Ordinance (the “TIF Area”). The City and Campus Partners entered into a Tax Increment Financing Agreement dated September 15, 2016, as authorized by Ordinance 0644-2016, approved by Council on June 6, 2016 to provide revenue generated from parcels within the TIF Area for reimbursement of certain public infrastructure improvements of 15+HIGH.
After the passage of the TIF Ordinance, Council approved Ordinance 0643-2015 on March 9, 2015 to expand the Weinland Park-University Area F Community Reinvestment Area (the “Weinland Park CRA”), the boundaries of which initially overlapped with the TIF Area. City Council approved Ordinance 2196-2018 on July 30, 2018, which included removal of the TIF Area from the Weinland Park CRA. During the period of time in which the boundaries overlapped, certain parcels in the TIF Area were provided a superior exemption to the one provided by the TIF Ordinance with the result being that certain years’ service payments in lieu of taxes fr...
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