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 162-166 S. Ohio Avenue and 1117-1125 Oak Street and owned by Oak Grocery II, 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 (together with its successors and assigns, including, without limitation, PACEWell 3 LLC, “Greenworks”).
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.
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 for 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 2022 are prepared.
FISCAL IMPACT: No funding is required for this legislation.
Title
Removing special assessments previously levied for certain public improvements in the City of Columbus, Ohio in cooperation with the Columbus Regional Energy Special Improvement District (Oak Grocery II, LLC Project); and to declare an emergency.
Body
WHEREAS, this Council (the “Council”) of the City of Columbus, Ohio (the “City”) duly passed Resolution 047X-2019 on February 4, 2019 (the “Resolution of Necessity”) and approved a Petition for Special Assessments for Special Energy Improvement Projects and Affidavit (the “Petition”) and the Columbus Regional Energy Special Improvement District Program Plan-Supplement to Plan for Oak Street and S. Ohio Avenue, Columbus, Ohio Project (the “Supplemental Plan”) fr...
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