TITLE
AN ORDINANCE AUTHORIZING THE ACCEPTANCE AND TRANSFER OF CERTAIN REAL PROPERTY GENERALLY LOCATED AT 110 N. HIGH ST., 120 N. HIGH ST., 130-140 MILL ST., 152 MILL ST., 153-155 MILL ST., 161-167 MILL ST., 169 MILL ST., AND 170 MILL ST. IN THE CITY OF GAHANNA, OHIO
BODY
WHEREAS, the Community Improvement Corporation of Gahanna (the "CIC") controls certain property located at 110 N. High St., 120 N. High St., 130-140 Mill St., 152 Mill St., 153-155 Mill St., 161-167 Mill St., 169 Mill St., and 170 Mill St. in the City (the "Property"), as further described in the Deeds attached hereto as Exhibit "A", and such property is subject to a Development Agreement authorized by ORD-0042-2025; and
WHEREAS, the Developer and the City of Gahanna (the "City") have agreed to provide certain tax increment financing for the Project (the "Project TIF") by a separate ordinance pursuant to Ohio Revised Code Section 5709.41 (the "TIF Ordinance"); and
WHEREAS, under Ohio Revised Code Section 5709.41, it is necessary for the City to have owned the Property intended to be subject to the Project TIF in order to establish eligibility for the Project TIF; therefore, the CIC will first sell and convey to the Property to the City, for $1.00, and the City will then reconvey such Property to the CIC pursuant to a quitclaim deed (the "Reconveyance Deed"); and
WHEREAS, Section 13 of Article VIII of the Ohio Constitution provides that, to create or preserve jobs and employment opportunities and to improve the economic welfare of the people of the State, it is a public interest and proper public purpose for the State or its political subdivisions to sell, lease, exchange, or otherwise dispose of property within the State of Ohio for industry, commerce, distribution, and research; and
WHEREAS, in furtherance of the foregoing public purpose, the City is agreeable to purchasing and selling the Property in order to allow the Developer to develop the Property pursuant to the Development Agreemen...
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