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HomeMy WebLinkAbout107-97 Ordinance(As Amended -- 8/11/97) ORDINANCE NO. 107-97 AN ORDINANCE DECLARING IMPROVEMENTS TO A CERTAIN PARCEL OF REAL PROPERTY TO BE A PUBLIC PURPOSE, DESCRIBING THE PUBLIC INFRASTRUCTURE IMPROVEMENTS TO ~., BE MADE TO BENEFIT THAT PARCEL, REQUIRING THE OWNERS THEREOF TO MAKE SERVICE PAYMENTS IN LIEU OF TAXES, AND ESTABLISHING A MUNICIPAL PUBLIC IMPROVEMENT TAX INCREMENT EQUIVALENT FUND FOR THE DEPOSIT OF SUCH SERVICE PAYMENTS, AND DECLARING AN EMERGENCY. WHEREAS, Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43 provide that this Council may declare improvements to a parcel of real property located in the City to be a public purpose, thereby exempting those improvements from real properly taxation for a period of time, specify public infrastructure improvements to be made to benefit that parcel, provide for the making of service payments in lieu of taxes by the owner thereof, provide for the distribution of the applicable portion of those service payments to the overlapping Dublin City School District and establish a municipal public improvement tax increment equivalent fund into which such service payments shall be deposited; and WHEREAS, Pizzuti Develoment, Inc. has acquired certain real property located in the City, which property is described in Exhibit A hereto (the Property), and contemplates making or causing to be made improvements to the Property, and this Council expects to make the public infrastructure improvements described in Exhibit B hereto, that once made would benefit the Property; and WHEREAS, the City has determined that it is necessary and appropriate and in the best interests of the City to provide for service payments in lieu of taxes with respect to the Property pursuant to Section 5709.42 of the Ohio Revised Code; and ~^ WHEREAS, this City Council finds and determines that notice of this proposed Ordinance has been delivered to all affected school districts in accordance with Section 5709.83 of the Ohio Revised Code and hereby ratifies the giving of that notice; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Dublin, Franklin, Union and Delaware Counties, Ohio, that: Section 1. Pursuant to and in accordance with the provisions of Ohio Revised Code Section 5709.40, this Council hereby finds and determines that 100 % of the increase in true value of the Property subsequent to the effective date of this Ordinance (which increase in true value is hereinafter referred to as the "Improvement" as defined in Section 5709.40) is hereby declared to be a public purpose, and shall be exempt from taxation for a period commencing on the date of passage of this Ordinance and ending with the earlier of (i) thirty (30) years from such date of passage or (ii) that number of years ending with the conclusion of the year in which the amount of service payments in lieu of taxes made pursuant to Section 3 of this Ordinance and deposited into the Pizzuti Metro Center Project Municipal Public Improvement Tax Increment Equivalent Fund (the Fund) established pursuant to Section 4 of this Ordinance equals or exceeds the one million one hundred fifty thousand dollars ($1,150,000) cost of Infrastructure Improvements to be paid from that Fund; provided, however, that in no event shall such exemption extend beyond the date on which the City can no longer require semi-annual service payments in lieu of taxes under Section 5709.40 and 5709.42 of the Revised Code, all in accordance with the requirements of said Sections 5709.40 and 5709.42. Section 2. The public infrastructure improvements set forth in Exhibit B hereto and to be made by the City are hereby designated as those public infrastructure improvements that directly benefit, or that once made will directly benefit, the Property (the Infrastructure Improvements). Section 3. As provided in Section 5709.42 of the Revised Code, the owner of the Improvement is hereby required to, and shall make, service payments in lieu of taxes to the County Treasurer on or before "~' the final dates for payment of real property taxes, applicable portions of which service payments shall be (i) distributed by the Franklin County Treasurer to the Dublin City School District, or (ii) deposited in the Pizzuti Metro Center Project Municipal Public Improvement Tax Increment Equivalent Fund established in Section 4 hereof, all pursuant to Ohio Revised Code Sections 5709.40 and 5709.42 and as provided in Section 4 of this Ordinance. The Tax Increment Financing Agreement between and among the City and Pizzuti Development, Inc. or an affiliated assignee for purposes of developing the Property, in the form presently on file with the Clerk of Council, providing for, among other things, the payment of such service payments in lieu of taxes, is hereby approved and authorized with changes therein not inconsistent with this Ordinance and not substantially adverse to this City and which shall be approved by the City Manager and Director of Finance. The City Manager and Director of Finance, for and in the name of this City, are hereby authorized to execute that Agreement, provided further that the approval of changes thereto by those officials, and their character as not being substantially adverse to the City, shall be evidenced conclusively by their execution thereof. This Council further hereby authorizes and directs the City Manager, the Clerk of Council, the Director of Law, the Director of Finance, or other appropriate officers of the City, to make such arrangements as are necessary and proper for collection from the owner of said service payments in lieu of taxes. Section 4. Pursuant to Ohio Revised Code Sections 5709.40 and 5709.42, the County Treasurer shall distribute to the Dublin City School District from those payments in lieu of taxes provided for in Section 3 .... of this Ordinance, and at the same time and in the same manner as real property tax payments, amounts equal to the amounts that School District would otherwise receive as real property tax payments derived from the Improvement absent the passage of this Ordinance. This Council hereby establishes pursuant to and in accordance with the provisions of Section 5709.43 of the Ohio Revised Code, the Pizzuti Metro Center Project Municipal Public Improvement Tax Increment Equivalent Fund (the Fund). The Fund shall be in custody of the City and shall receive from those payments in lieu of taxes all amounts not distributed to the Dublin City School District. Those annual service payments in lieu of taxes with respect to the Improvements on the Property, so deposited and distributed pursuant to law as provided in Section 5709.42 of the Ohio Revised Code, shall be used solely for the purposes authorized in Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43. The Fund shall remain in existence so long as such service payments are collected and used for the aforesaid purposes, after which said Fund shall be dissolved in accordance with said Section 5709.43. Section 5. Pursuant to Section 5709.40 of the Ohio Revised Code, the Clerk of this Council is hereby directed to deliver a copy of this Ordinance to the Director of the Department of Development of the State of Ohio within fifteen days after its passage. On or before March 31 of each year that the exemption set forth in Section 1 hereof remains in effect, the Clerk or other authorized officer of this City shall prepare and submit to the Director of the Department of Development of the State of Ohio the status report required under Section 5709.40(E) of the Ohio Revised Code. Section 6. This Council finds and determines that all formal actions of this Council concerning and relating to the passage of this Ordinance were taken in an open meeting of this Council and that all deliberations of this Council that resulted in those formal actions were in meetings open to the public in ~^ compliance with the law. Section 7. This Ordinance is declared to be an emergency measure necessary for the immediate "`~ preservation of the public peace, health, safety or welfare of this City and for the further reason that this ordinance is required to be immediately effective in order to provide for the funding for the Infrastructure Improvements so that the Infrastructure Improvements may be constructed as quickly as possible, thereby enhancing traffic safety; wherefore, this ordinance shall be in full force and effect immediately upon its passage. Signed: esiding Officer Attest: ~,l/!~l/Y~~ ~_- Clerk of Council Passed: ~ 1997 Effective: ~ , 1997 I hereby certify that copies of this OrdinancelResekriia~ were posted in t City of Dublin in accordance with Section 131.25 of the O'tio Revised Codp. ~}.xfClerk Co il, Dubli Ohio -2- EXHIBIT A LEGAL DESCRIPTION OF PROPERTY The following real estate situated in the City of Dublin, County of Franklin and State of Ohio, as bounded and described as follows: v~..~ 97-036FDP ~ N~etro Center Pizzuti Development EXHIBIT B DESCRIPTION OF PUBLIC INFRASTRUCTURE IMPROVEMENTS The Public Infrastructure Improvements include the installation of traffic signalization and a turn lane at the intersection of Franz Road and Metro Place South, a median cut at the intersection of Millenium and Franz Road, and the acquisition by the City of real estate interests (including by easements) in storm water improvements and features and related open space on the Property, together with all necessary appurtenances.