Explanation
Background: Within the Arena District, City Council through its legislation has established multiple tax increment financing (TIF) areas pursuant to Sections 5709.40 and 5709.41 of the Ohio Revised Code (collectively, the “Arena District TIFs”). City Council previously authorized the Director of Development (the “Director”) to enter into a Reimbursement Agreement dated September 17, 2009 as amended by the First Amended to Reimbursement Agreement dated June 14, 2012 and the Second Amendment to Reimbursement Agreement dated August 22, 2016 (collectively, the “2009 Reimbursement Agreement”) with NWD Investments, LLC (the “Developer”). City Council then passed Ordinance 2043-2019 to authorize the Director to amend and restate the 2009 Reimbursement Agreement and enter into the “Amended and Restated TIF Reimbursement Agreement” dated October 31, 2019 (and together with the 2009 Reimbursement Agreement, the “Arena District TIF Agreement”). City Ordinances 1554-2008, 1648-2016, 3166-2019, 3167-2019, 3169-2019, and 3170-2019 have appropriated the Arena District TIFs funds for authorized expenditure in accordance with the Arena District TIF Agreement, which contemplated the need for subsequent agreements and instruments (the “Subsequent Agreements”) with the Developer or its designee for the public infrastructure improvements and urban redevelopment. This legislation amends Ordinance 2043-2019 to authorize the Director or other appropriate officers of the City to execute the Subsequent Agreements and to authorize the Director or other appropriate officers of the City to take all actions as may be necessary to implement this Ordinance and the transactions contemplated by either the Arena District TIF Agreement or the Subsequent Agreements.
Emergency Justification:
Emergency legislation is requested in order to allow the City and Developer to immediately enter into subsequent agreements and instruments for implementation of the Arena District TIF Agreement, whi...
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