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Home My WebLink AboutOrdinance 004-19RECORD OF ORDINANCES BARRETT BROTHERS - DAYTON, OHIO Ordinance No. 04-19 Passed AN ORDINANCE LEVYING SPECIAL ASSESSMENTS FOR THE PURPOSE OF ACQUIRING, CONSTRUCTING, AND IMPROVING CERTAIN PUBLIC IMPROVEMENTS IN THE CITY OF DUBLIN, OHIO IN COOPERATION WITH THE COLUMBUS REGIONAL ENERGY SPECIAL IMPROVEMENT DISTRICT (BRIDGE PARK D BLOCK PROJECT) WHEREAS, this Council (the "Council") of the City of Dublin, Ohio (the "City") duly adopted Resolution No. 09-19 on February 11, 2019 (the "Resolution of Necessity") and declared the necessity of acquiring, constructing, improving and installing energy efficiency improvements on its real property, including, without limitation, lighting retrofits, high -efficiency HVAC systems, building automation controls, energy efficient roofs, building insulation, energy efficient windows and doors, and related improvements (the "Project"), as described in the Resolution of Necessity and as set forth in the Petition requesting those improvements; and WHEREAS, this Council duly passed Ordinance No. -19 on February ,�J, 2019 and determined to proceed with the Project and adopted the estimated�pecial Assessments (as defined in the Resolution of Necessity) filed with the Clerk of Council and the Director of Finance pursuant to the Resolution of Necessity. WHEREAS, the actual costs of the Project have been ascertained and have been certified to the City in the Petition and the Supplemental Plan for the Project. NOW THEREFORE BE IT ORDAINED by the Council of the City of Dublin, State of Ohio, of the elected member concurring that: Section 1. Each capitalized term not otherwise defined in this Ordinance or by reference to another document shall have the meaning assigned to it in the Resolution of Necessity. Section 2. The list of Special Assessments to be levied and assessed on the Property in an amount sufficient to pay the costs of the Project, which is $31,221,830.28, including any and all architectural, engineering, legal, insurance, consulting, energy auditing, planning, acquisition, installation, construction, surveying, testing, and inspection costs; the amount of any damages resulting from the Project and the interest on such damages; the costs incurred in connection with the preparation, levy and collection of the special assessments; the cost of purchasing and otherwise acquiring any real estate or interests in real estate; expenses of legal services; costs of labor and material; trustee fees and other financing costs incurred in connection with the issuance, sale, and servicing of securities, nonprofit corporate obligations, or other obligations issued or incurred to provide a loan or to secure an advance of funds to the Owner or otherwise to pay costs of the Project in anticipation of the receipt of the Special Assessments, capitalized interest on, and financing reserve funds for, such securities, nonprofit corporate obligations, or other obligations so issued or incurred, including any credit enhancement fees, trustee fees, program administration fees, financing servicing fees, and District administrative fees and expenses, which costs were set forth in the Petition and previously reported to this Council and are now on file in the offices of the Clerk of Council and the Director of Finance, is adopted and confirmed, and that the Special Assessments are levied and assessed on the Property. The interest portion of the Special Assessments, which shall accrue at the annual rates of 6.75% until March 2026, 7.25% until March 2029, 7.75% until March 2034, 8.25% until March 2039, and 8.75% until the Special Assessments shall have been fully paid, together with amounts used to pay administrative expenses, has been determined by the District to be substantially equivalent to the fair market rate that would have been RECORD OF ORDINANCES BARRETT BROTHERS - DAYTON, OHIO Form 6220S u Ordinance No. 04-19 Passed Page 2 of 3 borne by notes or bonds issued by the District to facilitate the financing of the costs of the Project. The Special Assessments are assessed against the Property commencing n itax year 2020 for collection in 2021 and shall continue through tax year 2047 for collection in . Y 2048; provided, however, if the proceedings relating to the Special Assessments are completed at such time that the County Auditor of Franklin County, Ohio determines thatY collections shall not commence in 2021, then the collection schedule may be deferred by one year. The annual installment of the Special Assessments shall be collected in each calendar year equal to a maximum annual amount of Special Assessments as shown in Exhibit A, attached hereto and incorporated into this Ordinance. All Special Assessments shall be certified by the Director of Finance to the County Auditor pursuant to the Petition and Ohio Revised Code Chapter 727.3 3 to be laced . p p on the tax list and duplicate and collected with and in the same manner as realro ert p p Y taxes are collected and as set forth in the Petition. The Special Assessments shall be allocated among thearcels constituting the p g Property as set forth in the Petition and the List of Special Assessments attached hereto and incorporated into this Ordinance as Exhibit A. In the event that at any time following the date of this Ordinance the Property is p Y combined or subdivided into permanent parcels in the records of the County Auditor of Franklin County, Ohio (the "County Auditor") then the Owner has requested in the Petition that the Special Assessments be allocated among only the resulting parcels which will be classified for real property taxation purposes as any use other than residential real property, subject to the exceptions set forth in the following sentence ("Assessed Parcels"). No Special Assessments shall be allocated to an resulting Y resug parcels which will be classified for real property taxation purposes as residential real property or property on which a public parking garage or public market are constructed ("Non -Assessed Parcels"). The allocation among any g resultin Assessed Parcels shall be equal to the quotient of the square footage of such Assessed Parcel divided by the aggregate square footage of all Assessed Parcels within the boundaries of any of the parcels specifically identified in the Petition. The "Original Ori inal Parcel" ( g ) Owner has certified, represented, and warranted to the District and the City in the Petition that the portion of the Special Assessments allocated to each resulting Assessed Parcel, and the fact that no Special Assessments will be allocated to any resulting Non -Assessed Parcel, all as described above, will cause each resulting Assessed Parcel to have Special Assessments allocated to it in proportion to and not in p p in excess of, the special benefits to be conferred on the resultingparcel or resulting g parcels by the Project. This Council therefore hereby finds, determines, and ordains that in the event that at any time following the date of this Ordinance, the Property is combined or subdivided into permanent parcels in the records of the County Auditor, the Special Assessments shall be allocated among only the resulting Assessed Parcels inro ortion to the p p quotient of the square footage (as reported by the County Auditor) of such Assessed Parcel divided by the aggregate square footage (as reported b the Count Auditor y y ) of all Assessed Parcels within the boundaries of any Original Parcel and no Special Assessments shall be allocated to any resulting Non -Assessed Parcel. The Council hereby finds and determines, based on the Owner's certification, representation, and warranty in the Petition, that such allocation method is in proportion to, and not in excess of, the special benefits to be conferred on the resulting parcel or resulting parcels by the Project. RECORD OF ORDINANCES BARRETT BROTHERS - DAYTON, OHIO Ordinance No. 04-19 Passed Page 3 of 3 Section 3. This Council finds and determines that the Special Assessments are in proportion to the special benefits received by the Property as set forth in the Petition and are not in excess of any applicable statutory limitation. Section 4. The Owner has waived its right to pay the Special Assessments in cash, and all Special Assessments and installments of the Special Assessments shall be certified by the Director of Finance to the County Auditor of Franklin County, Ohio as provided by the Petition and Ohio Revised Code Section 727.33 to be placed by him or her on the tax list and duplicate and collected with and in the same manner as real property taxes are collected and as set forth in the Petition. Section 5. The Special Assessments will be used by the City to pay the cost of the Project in cooperation with the District in any manner, including assigning the Special Assessments actually received by the City to the District or to another party the City deems appropriate, and the Special Assessments are appropriated for such purposes. Section 6. The Director of Finance shall keep the Special Assessments on file in the Office of the Director of Finance. Section 7. In compliance with Ohio Revised Code Section 319.61, the Clerk of the Council is directed to deliver a certified copy of this Ordinance to the County Auditor of Franklin County, Ohio within 20 days after its passage. Section 8. 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 and of any of its committees that resulted in such formal action, were in meetings open to the public, in compliance with all legal requirements including Ohio Revised Code Section 121.22. Section 9. Under Section 4.04 of the Charter of the City, this Ordinance is an Ordinance for improvements petitioned for by owners of the requisite majority (100%) of the front footage or the area of the property benefited and to be assessed and shall be in full force agd effect immediately upon its passage. Sidned: yor — Presiqft Offer st: Clerk of Council Passed: FebruaryL, 2019 Effective: February A_So, 2019 To: Members of Dublin City Council From: Dana L. McDaniel, City Manage Date: February 5, 2019 Ink*lated By: Colleen Gilger, Director of Economic Development Jeremiah Gracia, Economic Development Administrator Ordinance Nos. 03-19, 04-19 and 05-19 Property Assessed Clean Energy (PACE) Special Improvement for Bridge Park Block D Property Assessed Clean Energy (PACE) programs represent a great mechanism available for financing energy efficiency and renewable energy improvement projects. PACE allows qualifying energy improvements to be financed through assessments on a property owner's real estate tax bill. [A summary of PACE is provided as an attachment to this memo.] The City has no financial obligations with the establishment of a Special Improvement District for this project. The City simply serves as a pass through entity for the project financing. Staff recommends Council approve Resolution Nos. 08-19 and 09-19 on February 11,, 2019 and Ordinances Nos. 03-19, 04-19 and 05-19 on February 25, 2019. Please contact Jeremiah Gracia with any questions. Memo re. PACE fat Bridge Pah Block D Febmary 5, 2019 Page 2 oft WHAT IS PACE? Prood" Assailed ooh Franey IPAc91r a fimiei "dhNM got Nhi beam 111i Nei far e,i all .... y rerecovade,eg eny Ind WIN, on prolem- PAR financly 6 repaid 1111 assessm meon Ne pmpem/s dto del, and Ir processed the, same it at drier b,11 pursue lunefit rm gWewarks, sedi have n far deodes. Ce Mmg o IryWation PME Non Yusad for mmme acrd Nonprofit am mrmetul propani HOW DOES IT WORK? Flt pmgaams are enatlWad of and aalbred to meet region legklatbn a III tNt adnwes M111 leer ho mint FACE progtann ad onal gomnments tare developed a rarlety of Not mldtlnNt nrve teen mmsrfully lmplemmted. Pegadlerr of month, dtere are sareml Feyst arat that Find true for ercry PAR Ni Mary for At parker involved WMofa WMaa's hard and soft costs . • Ng financing terms no m 20" Ins l • Fdly, lrcal and federal rcmtice programs. ratgy pmlHllu tr, , drmani Nfirtd to a property • Then PKE assexmmtls fi4tl when Nelml muddpallryasa leen Ad me,property. WHY IS IT SO POPULAR? Property wmws lave PACE Ni n.. toy an fund prodat mm no ou.W nexced III ort PAR finanthing terms ovi to M yearslfI posslde toureertatr Map rtcvfitr Wt Fare Indiangful ei Ni and a sgnhfiwt Impa onmMne energy savings ex eb a PACE prept... all N,,dien innmi.sssmentpaynn opropelroadn are cnnfiw poldve Immedarey That mean. there rte moeassd 611111 had on lx.p.m on whew oplulinual bNowerexperiamorbuhanessexpandon. wl goeemmme.lme PACE beeou near endi oavelopmentlnaadama lw ,memsmfddngnuaness Inmermmmun" It enmunges new dulms IN uearm Ids IN me bol worki PACE Indent, rdp have, a Ni Ima Nal, III mit NIthmo n,g 11h re IMk n enommtla HOW CAH 1 GET PACE? as for all me Nods and re.wrres Inn nem m get.or�d wnn P[E Check m sse n your art M. weed a Pi statute, and n put art has an Indent pot If nine candmi to fiM and ether, I,,lodal Indi In denlopm.m add we may he i to put pu m Inch wed a iti ,fni WeInk forwii wneanyfiomywi BENEFITS OF PACE PACENation WENIEM Is the her an,l firdi We d o Ii the edocaa