Title
TO AUTHORIZE A TAX INCREMENT FINANCING AGREEMENT WITH ROCKY FORK RETAIL LLC FOR PROPERTY LOCATED WITHIN THE CITY'S HAMILTON ROAD CORRIDOR TO PROVIDE FOR THE REDEVELOPMENT OF CERTAIN PROPERTY ALONG HAMILTON ROAD IN THE CITY; AND TO DECLARE AN EMERGENCY.
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WHEREAS, this Council, by its Ordinance No. 0027-2013, passed February 4, 2013 (the “TIF Ordinance”), has declared the improvement of certain parcels of real property located within the City as identified in the TIF Ordinance (the “TIF Area”) to be a public purpose and exempt from taxation, required the owner of each parcel within the TIF Area to make service payments in lieu of taxes (the “Service Payments”) to the Franklin County Treasurer, has provided for the distribution of the applicable portion of the Service Payments to the Gahanna-Jefferson City School District and the Eastland Fairfield Career Center, has established Hamilton Road Municipal Tax Increment Equivalent Fund as specified in the TIF Ordinance (the “TIF Fund”) for the deposit of the remainder of such Service Payments, and specified public infrastructure improvements made or to be made that benefit or serve the TIF Area, all pursuant to and in accordance with Sections 5709.40, 5709.42, and 5709.43 of the Ohio Revised Code; and
WHEREAS, Rocky Fork Retail LLC (the “Developer”) is the owner of certain real property within the TIF Area (the “Property”) and intends to construct a retail development thereon to be known as “The Shops at Rocky Fork” and in connection therewith the Developer will design and construct the improvements depicted and described in Exhibit B to the attached Tax Increment Financing Agreement (the “TIF Agreement”) as well as a bike path and sidewalk extension as shown on the renderings in Exhibit C to the attached TIF Agreement (the “Bike Path/Sidewalk Extension”), which improvements will directly benefit the TIF Area and the Property; and
WHEREAS, the City desires to reimburse the Developer for desig...
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