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 5130 Warner Road and owned by Baxter Park 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. 2020-04 dated as of July 6, 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 levied if all or a portion of the financing was prepaid.
The Owner and Greenworks have notified the City that the financing provided for the special energy improvement projects has been prepaid in full and have requested that the City reduce the special assessments previously levied down to $0.00.
The ESID (the “District”) hereby certifies to the City that a reduction 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 are $0.00 should be made and the special assessments should be removed from the Property
This legislation is to reduce the amount of the special assessments previously levied down to $0.00 and to cause the County Auditor to remove the special assessments from the tax bills for the property.
Emergency action is requested on this legislation to allow the reduction of the special assessments to be certified to the County Auditor before real property tax bills for tax year 2021 are prepared.
FISCAL IMPACT: No funding ...
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