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 the northwest corner of Morse and Sunbury Roads in Columbus, Ohio with Franklin County Auditor Parcel ID number 010-242734-00. The special assessments repay and secure financing for special energy improvement projects installed at the property. The financing was provided by PACE Equity LLC (“PACE Equity”).
Under the authority granted by that ordinance, the City entered into an Energy Project Cooperative Agreement dated as of December 14, 2018 (the “Energy Project Cooperative Agreement”) with the Columbus Regional Energy Special Improvement District, Inc. (the “District”), PACE Equity, and Easton Innkeepers, LLC, an Ohio limited liability company (the “Owner”), and a Special Assessment Agreement dated as of December 14, 2018 (the “Special Assessment Agreement”) with the County Treasurer of Franklin County, Ohio, the District, PACE Equity, and the Owner. Under the Energy Project Cooperative Agreement and Special Assessment Agreement, the City agreed to cooperate with the other parties to amend the amount of the special assessments levied in cooperation with the Owner and PACE Equity.
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 PACE Equity under the Energy Project Cooperative Agreement be adjusted as set forth in the amendment to the Petition. PACE Equity 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 on Exhibit ...
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