Title
AN ORDINANCE CREATING AN INCENTIVE DISTRICT ENCOMPASSING CERTAIN PARCELS OF REAL PROPERTY; DECLARING THE IMPROVEMENT TO CERTAIN PARCELS WITHIN THAT DISTRICT TO BE A PUBLIC PURPOSE AND EXEMPT FROM TAXATION; ESTABLISHING A TAX INCREMENT EQUIVALENT FUND AND PROVIDING FOR THE COLLECTION AND DEPOSIT OF SERVICE PAYMENTS INTO THAT FUND; PROVIDING FOR THE DISTRIBUTION OF SERVICE PAYMENTS TO THE GAHANNA-JEFFERSON PUBLIC SCHOOL DISTRICT; SPECIFYING THE PUBLIC INFRASTRUCTURE IMPROVEMENTS DIRECTLY BENEFITING THE PARCELS; AND APPROVING AND AUTHORIZING THE EXECUTION OF ONE OR MORE TAX INCREMENT FINANCING AGREEMENTS; TO REPEAL ORD-0213-2005; AND TO DECLARE AN EMERGENCY.
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WHEREAS, Gahanna-Creekside Investments LLC ("Developer") proposes to provide a mix of neighborhood residential and commercial uses through the residential and commercial redevelopment of the Creekside area located downtown (the "Project"), which is made up of the parcels of real estate described on Exhibit A hereto (each, individually, a "Parcel" and collectively, the "Parcels"); and
WHEREAS, on December 19, 2005, this Council passed Ordinance No. 0213-2005 (the "Prior Ordinance"), declaring the improvements to each Parcel to be a public purpose and exempt from taxation, requiring the owner of each Parcel to make service payments in lieu of taxes, providing for the distribution of the applicable portion of such service payments to the city, and school district, and establishing a municipal public improvement tax increment equivalent fund for the deposit of the remainder of such service payments and specify public infrastructure improvements made or to be made that benefit or serve the Parcels, all pursuant Ohio Revised Code Section 5709.41; and
WHEREAS, subsequent to the passage of the prior Ordinance this Council determined that the City could not be classified as a an "impacted city" as defined in Ohio Revised Code Section 1728.01, and therefore did not comply with the...
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