Explanation
Background: City Council passed Ordinance No. 1159-2005 on July 11, 2005 (the “TIF Ordinance”), establishing two tax increment financing (“TIF”) areas pursuant to Section 5709.40(B) of the Ohio Revised Code known as the “East Broad Commercial TIF” and the “Lucent Commercial TIF” and three TIF incentive districts pursuant to Section 5709.40(C) of the Ohio Revised Code known as the “Lucent Incentive District,” “East Broad Dominion Incentive District,” and the “Waggoner M/I Incentive District” with all five TIFs located generally along East Broad Street between Taylor Station Road and Waggoner Road. The TIF Ordinance also authorized the execution of the Tax Increment Financing Agreement East Broad Street TIFs (the “TIF Agreement”) dated September 7, 2005 between the City, Mount Carmel Health System (“Mount Carmel”), Empire Ventures/6200 E. Broad, LLC, Dominion Homes, Inc., and M/I Homes of Central Ohio, LLC (“M/I”). Pursuant to the TIF Agreement, the two Lucent TIFs were allocated to Mount Carmel and M/I for reimbursement of on-site improvements within those two TIFs, and the other three TIFs were allocated to the City for financing of improvements in the East Broad planning area. As of 2018, Mount Carmel and M/I have been fully reimbursed for incurred costs. The City is now engaged in the redevelopment of ±84 acres of real property located at 6200 E. Broad Street near the intersection of Taylor Station Road and Westbourne Ave on the former Lucent Technologies, Inc. manufacturing, distribution, and office site (parcel ID number 520-269045, the “Site”) within the Lucent Commercial TIF. The Department of Development desires to submit for City Council consideration additional legislation to appropriate and authorize the expenditure of funds from the two Lucent TIFs adjacent to and overlapping the Site to finance the public infrastructure improvements necessary to redevelop the Site including an extension of Westbourne Avenue, including an alignment of McNau...
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