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38-96 Ordinance ~. - . ",,".',,~ ~ RECORD OF ORDINANCES Dayton Legal Blank Co. Form No. 30043 I Ordinance NO.___________n~I:'_9_~ Passed_..n__u_______.._mn______.__. n. -.00.-...1900_____ AN ORDINANCE AMENDING THE ANNUAL APPROPRIATIONS ORDINANCE FOR THE FISCAL YEAR ENDING DECEMBER 31, 1996 AND DECLARING AN EMERGENCY - - WHEREAS, Section 5705.40 of the Ohio Revised Code allows for supplemental appropriations to be made to an appropriation measure provided sufficient resources are available, and WHEREAS, an 111.7 acre tract of land at the northwest comer of Rings Road and 1-270, known as the ThomaslKohler Property, was recently rezoned for mixed use commercial development, and WHEREAS, this site contains over 3,000 feet of the proposed Emerald Parkway extension, a roadway which has been identified as a critical link in improving the City's transportation system, and WHEREAS, this site also contains over 2,000 square feet of the proposed Woemer- TemplelRings Road connector, a critical east-west roadway identified in the Southwest Area Plan, and WHEREAS, the City has adopted an Economic Development Strategy which targets certain types of desirable office development, on the subject property, as being in the "...... City's best interest, and WHEREAS, the projected economic development benefit anticipated from a '""- proposed commercial project on this 111.7 acre site is significant, and WHEREAS, the City has established a tax: increment financing district for the rezoned 111.7 acre tract to fund a portion of the proposed Emerald Parkway extension and Woemer-TemplelRings Road connector, the public infrastructure improvements needed to induce the proposed commercial development, and WHEREAS, the City will enter into an amended income tax: revenue sharing agreement with the Dublin City School District (the District) for this particular development whereby the District will agree it will not receive municipal income tax: payments under Section 5709.82 of the Ohio Revised Code, and WHEREAS, in addition to the portion funded by the tax: increment financing district, the City will fund up to three million dollars ($3,000,000) of the identified public infrastructure improvements with existing uncommitted funds, and WHEREAS, it is necessary to amend the annual appropriations to provide funding reflecting the City's $3,000,000 commitment. "...... NOW, TH 14~&FORE, BE IT ORDAINED by the Council of City of Dublin, State -- of Ohio, of the elected members concurring: Section 1. That there be appropriated from the unappropriated balance in the Capital Improvements Tax: Fund the amount of$3,OOO,OOO to account 40-03-14-2551 for the purpose of funding the City's share of the proposed public infrastructure needs to induce the proposed commercial project identified in the tax: increment financing and economic development agreement that will be entered into between the City of Dublin, Duke Realty Limited Partnership and the Edwards Company. . .. RECORD OF ORDINANCES Dayton Legal Blank Co. Form No. 30043 Ordinance N o.n_n___nnl~__2()Continued Passed____n.n_ oo_____._______m_n___n___ _mn19__._n_ Section 2. That the appropriations will be subsequently reduced by $3,000,000 should the tax increment financing and economic development agreement not be executed. ",.- ..... Section 3. That this Ordinance is hereby declared emergency measure necessary for the immediate preservation of the public peace, health, safety and welfare of this City and for the further reason that it is immediately necessary to provide for the funding for the public infrastructure improvements so that the infrastructure improvements may be constructed as quickly as possible, thereby permitting development of the Property which will provide needed jobs and employment opportunities; wherefore, this Ordinance shall be in full force and effect itpmediately after its passage. Passed this / S-1' day of ~ ' 1996 ~~ Mayor - Presiding Officer ATTEST: ...... ~~(P-/~ ... Clerk of Council l hereby certify that copies of this Ord:nance/Rewlotlun w~re po.sted in the City of Dublin in accordance with Section 731.25 of the OhIO ReVised Code. {h~ q-D~ Clerk of CounCl, u m, 10 ...... ...