Explanation
Background: The City and the Developer previously executed a Tax Increment Financing Agreement dated April 17, 2013 pursuant to authorization by Ordinance 0205-2012 to provide Weinland Park Development, LLC (the “Developer”) for reimbursement of costs for eligible public infrastructure improvements benefiting or serving the Weinland Park neighborhood using payments in lieu of taxes generated from the parcels subject to the Weinland Park Incentive District .40(C) TIF established pursuant to authorization by Ordinance 1799-2010 (the “TIF Ordinance”). The Weinland Park Incentive District and surrounding neighborhoods have experienced new growth and development since the passage of the TIF Ordinance, and the area now needs more public parking to allow the public to access the residences, businesses, and public facilities in the area. The Developer is proposing to construct a 311-unit apartment complex and a 557-space structured parking facility with approximately 189 public spaces (the “Project”) for a total estimated investment of approximately ninety-eight million dollars ($98,000,000). The Project will be constructed on approximately ±3.445 acres of real property known as Franklin County Auditor Tax Parcel ID No. 010-024540 owned by an affiliate of the Developer and located to the northeast corner of N. 4th Street and E. 5th Avenue. The Department of Development has submitted Ordinance 2923-2021 to this Council to authorize the Director of Development to enter into a Cooperative Agreement and 1st Amendment to Tax Increment Financing Agreement (the “Cooperative Agreement and 1st Amendment”) with the Columbus-Franklin County Finance Authority and the Developer. This ordinance will amend the TIF Ordinance to modify the authorized list of public infrastructure improvements to include parking facilities thereby allowing the City to enter into the Cooperative Agreement and 1st Amendment to finance the public spaces in the Project to address the parking need. ...
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