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File #: 2505-2021    Version: 1
Type: Ordinance Status: Passed
File created: 9/27/2021 In control: Economic Development Committee
On agenda: 10/11/2021 Final action: 10/13/2021
Title: To amend Special Assessments previously levied for certain public improvements in the City of Columbus, Ohio in cooperation with the Columbus Regional Energy Special Improvement District (243 N. 5th Street Project); and to declare an emergency.
Attachments: 1. ORD2505-2021 243 N Fifth Ex A
Explanation
BACKGROUND: The Council of the City of Columbus previously adopted an ordinance levying property assessed clean energy (“PACE”) special assessments on certain property located at 243 N. 5th Street and owned by 243 North Fifth Holdings, LLC. The special assessments repay and secure financing for special energy improvement projects installed at the property. The financing was provided by Greenworks Lending LLC (“Greenworks”).

Under the authority granted by Ordinance No. 0311-2019, the City entered into a Standing Assignment Agreement dated as of July 24, 2019 (the “Standing Assignment Agreement”) with the Columbus Regional Energy Special Improvement District, Inc. (the “District”) and Addendum No. 2020-01 dated as of February 13, 2020 (the “Addendum”) with the District. Under the Standing Assignment Agreement and the Addendum, the City agreed to cooperate with the other parties to reduce the amount of the special assessments in cooperation with the Owner and Greenworks.

The Owner has submitted an amendment to its Petition for Special Assessments for Special Energy Improvement Projects and Affidavit to the City requesting that the special assessments previously levied to repay the financing provided by Greenworks under the Addendum be adjusted as set forth in the amendment to the Petition. Greenworks has notified the City that it consents to the amendment.

The ESID (the “District”) hereby certifies to the City that an adjustment in the amount of the special assessments levied against the Property under the Assessing Ordinance such that the remaining special assessments levied against the Property be adjusted as set forth in the amendment to the Petition.
This legislation is to amend the amount of the special assessments previously levied to cause the County Auditor to adjust the special assessments to be collected with the tax bills for the property.

Emergency action is requested on this legislation to allow the reduction of the special assessments ...

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