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 633 W. Fifth Avenue and owned by Perry Street Hotel Acquisitions LLC. The special assessments repay and secure financing for special energy improvement projects installed at the property. The financing was provided by Petros PACE Finance LLC (“Petros”).
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. 2019-05 dated as of October 10, 2019 (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 Petros 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.
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 is required for this legislation.
Title
To remove special assessments previously levied for certain public improvements in the City of Columbus, Ohio in cooperation with the Columbus Regional Energy Special Improvement District (Battelle Hyatt House Project) and to declare an emergency.
Body
WHEREAS, this ...
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