title
AN ORDINANCE DECLARING IMPROVEMENTS TO CERTAIN REAL PROPERTY LOCATED WITHIN THE CITY OF GAHANNA, OHIO TO BE A PUBLIC PURPOSE AND EXEMPT FROM REAL PROPERTY TAXATION; REQUIRING THE OWNERS OF THOSE PARCELS TO MAKE SERVICE PAYMENTS IN LIEU OF TAXES; ESTABLISHING A MUNICIPAL PUBLIC IMPROVEMENT TAX INCREMENT EQUIVALENT FUND FOR THE DEPOSIT OF THOSE SERVICE PAYMENTS; SPECIFYING THE PUBLIC INFRASTRUCTURE IMPROVEMENTS TO BE MADE THAT DIRECTLY BENEFIT THE PARCELS.
BODY
WHEREAS, Sections 5709.40, 5709.42 and 5709.43 of the Ohio Revised Code (collectively, the "TIF Statutes") authorize this Council, by ordinance, to implement a tax increment financing program to facilitate the development of certain real property within the corporate boundaries of the City of Gahanna, Ohio (the "City"), and declare the improvement to each parcel of real property located within the Parcels (defined below) to be a public purpose and exempt from taxation, require the owner of each Parcel to make service payments in lieu of taxes, establish a municipal public improvement tax increment equivalent fund for the deposit of those service payments, and specify public infrastructure improvements made, to be made or in the process of being made that directly benefit, or that once made will directly benefit, Parcels; and
WHEREAS, pursuant to a Development Agreement dated April 19, 2021, among the City, Crescent at Central Park, LLC, CP Crescent, LLC, and Andre M. Buckles, the City anticipates that the parcels of real property specifically identified and depicted in Exhibit A attached hereto (with each of those parcels referred to herein individually as a "Parcel" and collectively as the "Parcels") will be developed into a cohesive mixed use development, including approximately 240 multi-family units with related amenities and improvements thereto, in addition to various other improvements to be used for commercial purposes; and
WHEREAS, this Council has determined to declare the improvements to th...
Click here for full text