044-94 Ordinance
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ORDINANCE NO. IIi/ -94
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 property 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, and establish a municipal public improvement tax increment equivalent fund into which
such service payments shall be deposited; and
WHEREAS, Duke Realty Limited Partnership intends to acquire certain real property located in the
City, which property is described in Exhibit A hereto (the Property), and contemplates making improvements
to the Property and leasing that 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, notice of this proposed ordinance has been delivered to the Board of Education of each
affected School District in accordance with Section 5709.40 of the Ohio Revised Code;
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 a public purpose, and all of said Improvement is hereby
declared to be a public purpose for a period of 30 years and exempt from taxation commencing on the date
of passage of this ordinance and ending on the earlier of 30 years from such date or on the date on which the
City can no longer require service payments in lieu of taxes under Sections 5709.40 and 5709.42 of the
Revised Code, all in accordance with the requirements of said Sections 5709.40 and 4709.42.
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 benefit, or that once made will
benefit, the Property (the Infrastructure Improvements).
Section 3. As provided in Section 5709.42 of the Ohio 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, which service payments shall be deposited in the Duke
Realty Limited Partnership Project Municipal Public Improvement Tax Increment Equivalent Fund established
in Section 4 hereof. The Agreement between and among the City and Duke Realty Limited Partnership, in
the form presently on file with the Clerk of Council, providing for, among other things, the payment of such
service payments, 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. This Council hereby establishes pursuant to and in accordance with the provisions of
Section 5709.43 of the Ohio Revised Code, the Duke Realty Investments Inc. Project Municipal Public
Improvement Tax Increment Equivalent Fund (the Fund), into which shall be deposited all of the service
payments in lieu of taxes distributed to the City with respect to the Improvements on the Property by or on
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behalf of the County Treasurer as provided in Section 5709.42 of the Ohio Revised Code, and hereby provides
that all of the moneys deposited in the Fund shall be used solely for the following purposes:
(i) To pay the cost of constructing the Infrastructure Improvements; and
(ii) To pay the interest on and principal of bonds or notes issued by the City in order to finance
the Infrastructure Improvements until such notes or bonds are paid in full.
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 of the
Ohio Revised Code.
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(D) 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
permitting the Improvement to be constructed as quickly as possible to provide necessary jobs and employment
opportunities and improving the economic welfare of the people of the City; wherefore, this ordinance shall
be in full force and effect immediately upon its passage.
Signed:
J1&g~
Attest: ~~~
Clerk of Council
Passed: Inar Ii; , 1994
Effective: ~ / & , 1994
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- EXHIBIT A
LEGAL DESCRIPTION OF PROPERTY
The following real estate situated in the City of Dublin, Counry of Franklin, and State of Ohio as
bounded and described as follows:
Situated in the State of Ohio, County of Fra.uklin, City of Dublin, being a pan of Virginia Military
Survey No. 3011, being 6.506 acres' out of that 34.818 acre tract as described in a deed to Rings-Britton
Limited Pannership, of record in Official Record Volume 15269, Page 109, Recorder's Office, Franklin
County, Ohio, and being more particularly described as follows:
Beginning at the intersection of the southerly right-of-way line of Rings Road with me easterly line
of said 34.818 acre tract, being also in the westerly right-of-way line of Interstate Route 270 and being located
12046'38" EaSt, a distance of 98.35 feet from the northeasterly corner of said 34.818 acre tract;
Thence South 1r46'38" East. along said westerly right-of-way line, a disUnce of 489.81 feet to a
point;
Thence through said 34.818 acre tract the following four courscs:
1. South 77013'22" West, a distance of 496.78 feet to a point;
2. South 12049'13" West, a distance of99.92 feet to a point (in the proposed future right-of-way
line of a cul-de-sac street);
3. (Along said right-of-way line) with the arc of non-tangent curve to the left, baving a radius of
60.00 feet, a central angle of 49014'55.. the chord of which bears North 71058'01" West, a
chord disrance of 50.00 feet to a point;
4. N~ 6035'29" West, a distance of 581.05 feet to a point in the southerly right-of-way line
of Rings Road;
Thence along said right-of-way line the following two courses:
1. North 70011'03. East. a distance of 75.08 feet to a point;
2. North 81023'56" East, a distance: of 446.96 feet to the place of beginning and containing 6.504
acres of land.
Bearings herein are based on South 12046'38" East for Interstate Route 270 (FRA-270-15.63).
I Note: A limited amount of the Property may be dedicated to public use and not subject to the lax
increment financing.
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EXHIBIT B
DESCRIPTION OF PUBUC INFRASTRUCTURE IMPROVEMENTS
The public improvements consist of: extending Brinon Parkway from its present terminus
approximately 1,100 lineal feet to existing Rings Road; extending a new Court from Brinon Parkway east
approximately 460 lineal feet; extending a mound with grass and trees along both sides of Britton Parkway
and the Court; burying and relocating existing overhead electric lines; CUStOm painting the new water tower
per an agreed upon design together with perimeter landscaping; consnucting sidewalks and/or bike paths along
Britton Parkway; and installing street lighting extending along Briaon Parkway and the Court. In addition,
public water main and public sallitar}' and storm sewers required to drain the roadway surface and any
adjacent site improvements will be installed and available at the propeny line of the private improvements
defined in Exhibit B, in quantities and characteristics to meet the req.uirementS of the private improvements.
The project also includes design and other related costs, final plat approval, erosion and sediment control
measures, grading and related earth work, survey work, soil engineering for street section, constrUction
-.,. stalcing and all other activities necessary and appurtenant to those public improvements.
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TAX INCREMENT FINANCING AGREEMENT
This Tax Increment Financing Agreement (the Agreement), made and entered into as of this _th day
of , 1994, by and among the City of Dublin, Ohio (the City), a municipal corporation organized and
existing under the constitution and the laws of the State of Ohio, and Duke Realty Limited Partnership (the
Owner), an Indiana limited partnership.
WIT N E SSE T H:
WHEREAS, simultaneously with the execution of this Agreement, the Owner is acquiring by general
warranty deed (the Deed) certain real property located in the City, which property is described in Exhibit A
attached hereto (the Property), and intends to improve the Property by making the private improvements
described on Exhibit B hereto; and
WHEREAS, the Owner desires that the public infrastructure improvements described in Exhibit C
attached hereto (the Public Improvements) be constructed and installed by the City, and agrees that the Public
Improvements will 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 the Owner, its successors and assigns to make service payments in lieu of taxes with
respect to the Property and for the construction by the City of the Public Improvements, pursuant to and in
accordance with Revised Code Sections 5709.40, 5709.42 and 5709.43 (collectively, the Act), and the City
by its Ordinance No. _-94 passed , 1994, has declared that the increase in true value of the
Property brought about by the Owner's acquisition of the Property and the construction of the Project and
other improvements is a public purpose and declared to be exempt from taxation commencing on the date of
passage of such Ordinance and ending on the earlier of thirty years from such date or on the date on which
the City can no longer require service payments in lieu of taxes in accordance with the Act; and
WHEREAS, in order to provide for the collection of such payments in lieu of taxes and to enable the
Project to be carried out, the parties desire to enter into this Agreement on the terms as hereinafter provided;
WHEREAS, the Owner has represented to the City that within two (2) years from the date of this
Agreement the Project shall create not less than 350 jobs in the City;
NOW, THEREFORE, in consideration of the premises and covenants contained herein, and to induce
the City to proceed with the construction of the Public Improvements, the parties hereto agree as follows:
Section 1. Right of Way. The Owner hereby agrees to conveyor cause to be conveyed by deed to
the City a right of way [to][over] the Property.
Section 2. Construction of the Project. The Owner hereby agrees to cause the Project to be
constructed on the Property, and to cause such construction to be commenced within a reasonable time after
the date of this Agreement, and to cause the Project to be completed within twelve (12) months from the date
of this Agreement.
Section 3. Covenant to Make Payments in Lieu of Taxes. The Owner, for itself and any
successors in interest to the Property, or any part thereof or interest therein, hereby agrees to make for the
Property semiannual service payments in lieu of taxes (the Service Payments) with respect to the
"Improvements", as that term is used and defined in the Act, pursuant to and in accordance with the
requirements of the Act, and pursuant to Ordinance No. _-94 passed , 1994, and any subsequent
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amendments or supplements thereto. Such Service Payments shall be made semiannually to the County
Treasurer (or to his designated agent for collection of the Service Payments) on or before the date on which
real property taxes would otherwise be due and payable for the Improvements. Any late payments shall bear
interest at the then current rate established under Sections 323.121 (B)(l) and 5703.47 of the Ohio Revised
Code, as the same may be amended from time to time, or any successor provisions thereto as the same may
be amended from time to time. Each semiannual payment shall be in the same amount as the real property
taxes that would have been charged and payable against the Improvements had an exemption from taxation
not been granted, and otherwise shall be in accordance with the requirements of the Act.
It is intended and agreed, and it shall be so provided by the Owner in the Deed and in any future deed
from the Owner conveying the Property or any part thereof, that the covenants provided in this Section shall
,~. be covenants running with the land and that they shall, in any event and without regard to technical
classification or designation, legal or otherwise, be binding to the fullest extent permitted by law and equity,
for the benefit and in favor of and enforceable by, the City, whether or not this Agreement remains in effect
or whether or not such provision is included by the Owner in any succeeding deed to the Owner's successors
and assigns. It is further intended and agreed that these agreements and covenants shall remain in effect for
the full period of exemption permitted in accordance with the requirements of the Act and the City's
ordinances enacted pursuant thereto.
Such covenants running with the land in the Deed shall have priority over any other lien or
encumbrance on the Property, except for such title exceptions as are approved in writing by the City, and the
Owner shall cause any and all holders of mortgages or other liens existing on the Property (if any) as of the
time of recording of the Deed, to subordinate such lien to the covenants running with the land provided in the
Deed.
Section 4. Exemption Application. The Owner further agrees for itself and its successors and
assigns to assist and cooperate with the City in the preparation and fIling by the Owner of all necessary
applications and supporting documents to obtain the exemption from real property taxation for the
Improvements authorized by the Act and the City, and to enable the City to collect Service Payments
thereunder, and the City shall cooperate with the Owner in connection with the preparation and filing of the
initial and any further applications required to accomplish that purpose. That initial application shall be made
as soon as practicable after , - , but in no event later than , 199_, unless the City
agrees to a later date.
Section 5. Title Evidence. At the City's option and at its request, the Owner hereby agrees to
provide such title evidence at no cost to the City as is necessary to demonstrate to the City's satisfaction that
the covenants running with the land provided in Section 4 hereof are set forth in the Deed to the satisfaction
of the City and are prior and superior to any other liens, encumbrances or other title exceptions, except for
those which are approved in writing by the City.
Section 6. Assignments. The Owner agrees not to assign this Agreement or the Project without prior
written consent of the City, which consent shall not be unreasonably withheld, until the construction of the
Project has been completed.
Section 7. Release. Upon satisfaction of the Owner's obligations under this Agreement and
termination of the Owner's obligations to make the Service Payments. the City shall, upon the request of
Owner, execute an instrument in recordable form evidencing such termination and releasing the covenants
running with the land set forth in the Deed.
Section 8. Estoppel Certificate. Upon request of the Owner, the City shall execute and deliver to
the Owner or any proposed purchaser, mortgagee or lessee of the Propeny, a certificate stating: (a) that the
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Agreement is in full force and effect, if the same is true; (b) that the Owner is not in default under any of the
terms, covenants or conditions of the Agreement, or, if the Owner is in default, specifying same; and (c) such
other matters as the Owner reasonably requests.
Section 9. City Public Improvements. The Owner's covenants and obligations made in this
Agreement are subject to and conditioned upon the City's providing or obtaining necessary financing for the
Public Improvements, and upon the City's carrying out to completion the construction of the Public
Improvements. The City hereby agrees to complete the construction and installation of the Public
Improvements by November 15, 1994, unless the Owner consents in writing to a different date, which consent
shall not be unreasonably withheld. The City acknowledges its understanding that the Owner needs temporary
or permanent ingress and egress to and from the Property and utilities adequate to permit occupancy of the
Project by no later than , 199_.
Section 10. Construction Drawings. The Owner agrees to cause to be prepared the construction
drawings and any related documents required for the Public Improvements, which drawings shall be provided
in accordance with the City's usual requirements for such work, and shall otherwise be in form and substance
satisfactory to the City. Such construction drawings shall be completed and available for use by the City on
or before June 15, 1994. The Owner agrees to sell these drawings to the City, and the City agrees to
purchase these drawings from the Owner, for the cost of preparing those drawings and related documents
charged by Multicon Builders, Inc.
Section 11. Representations of Owner. The Owner hereby represents that it is the owner in fee
simple of the Property and has full power and authority to enter into this Agreement and carry out its terms.
Section 12. Successors. This Agreement shall be binding upon the Owner and its beneficiaries,
successors and assigns.
IN WITNESS WHEREOF, the City and the Owner have caused this Agreement to be executed in
their respective names by their duly authorized officers, as of the date hereinabove written.
CITY OF DUBLIN, OHIO
By:
Witness City Manager
By:
Witness Director of Finance
Approved as to Form:
Director of Law
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DUKE REALTY LIMITED PARTNERSHIP
By: Duke Realty Investments, Inc.
Witness Its: General Partner
By:
Witness Title: Daniel C. Staton,
Executive Vice President
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STATE OF OHIO )
) SS:
COUNTY OF FRANKLIN)
The foregoing instrument was acknowledged before me this _ day of , 1994,
by Timothy C. Hansley and Marsha J. Grigsby, the City Manager and Director of Finance, respectively, of
the City of Dublin, Ohio, a municipal corporation, on behalf of said municipal corporation.
Notary Public
STATE OF OHIO )
) SS:
COUNTY OF FRANKLIN )
The foregoing instrument was acknowledged before me this _ day of , 1994,
by Daniel C. Staton, Executive Vice President of Duke Realty Investments, Inc., General Partner of Duke
Realty Limited Partnership, which executed such instrument on behalf of said limited partnership.
Notary Public
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-- EXHIBIT A
LEGAL DESCRIPTION OF PROPERTY
The following real estate situated in the City of Dublin, CouIll)' of Franklin, and State of Ohio as
bounded and described as follows:
Situated in the State of Ohio, Coull[)' of Franklin, City of Dublin, being a pan of Virginia Military
Survey No. 3011, being 6.506 acres' out of that 34.818 acre tract as described in a deed to Rings-Britton
Limited Pannership, of record in Official Record Volume 15269, Page 109, Recorder's Office, Franklin
County, Ohio, and being more particularly described as follows:
Beginning at the intersection of the southerly right-<lf-way line of Rings Road with the easterly line
~, of said 34.818 acre tract, being also in the westerly right-of-way line ~f InterState Route 270 and being located
12046'38" East, a diStance of 98.35 feet from the northeasterly comer of said 34.818 acre tract;
~ Thence South 12"46'38- East. along said westerly right-of-way line, a distance of 489.81 feet to a
point;
Thence through said 34.818 acre [Tact the following four courses:
1. South 77013'22" West, a distance of 496.78 feet to a point;
2. South 12049'13" West, a distance of 99.92 feet to a point (in the proposed future right-oC-way
line of a cul-de-sac meet);
3. (Along said right-of-way line) with the arc of non-tangent curve to the left, having a radius of
60.00 feet, a central angle of 49014'55., the chord of which bears North 71058'01- West, a
chord distance of 50.00 feet to a point;
4. Ncmh 6035'29- West, a distance of 581.05 feet to a point in the southerly right-<lf-way line
of Rings Road;
Thence along said right-of-way line the following twO courses:
1. North 70011'03. EaSt, a distance of 75.08 feet to a point;
2. North 81023'56' East, a distance of 446.96 feet to the place of beginning and containing 6.504
acres of land.
Bearings herein are based on South 12046'38" East for Interstate Route 270 (FRA-270.15.63).
I Note: A limited amount of the Property may be dedicated to public use and not subject to the tax
increment financing.
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EXHIBIT B
DESCRIPTION OF PUBUC INFRASTRUCTURE IMPROVEMENTS
The public improvementS consist of: extending Briaon Parkway from its present terminus
approximately 1,100 lineal feet to existing Rings Road: extending a new Court from Britton Parkway east
approximately 460 lineal feet; extending a mound with grass and trees along both sides of Britton Parkway
and the Court; burying and relocating existing overhead electric lines; custom painting the new water tower
per an agreed upon design together with perimeter landscaping; consnucting sidewalks and/or bike paths along
Britton Parkway; and installing street lighting extending along Britton Parkway and the Court. In addition,
public water main and public sanitary and storm sewers required to drain the roadway surface and any
adjacent site improvements will be installed and available at the propertY line of the private improvementS
,.., defined in Exhibit B. in quantities and characteristics to meet the requirementS of the private improvements.
The project also includes design and other related costs. final plat approval. erosion and sediment control
measures, grading and related eanh work, survey work, soil engineering for street section, constrUction
sl31cing and all other activities necessary and appurtenant to those public improvements.
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, EXHIBIT C
PUBLIC IMPROVEMENTS
The public improvements consist of: extending Britton Park"Way from its present terminus
approximately 1,100 lineal feet to existing Rings Road; extending a new Coun from BrittOn Parkway east
approximately 460 lineal feet; extending a mound with grass and trees along both sides of Britton Parkvr'ay
and the Court; burying and relocating existing overhead electric lines; custom painting the new water tower
per an agreed upon design together with perimeter landscaping; consrructing sidewalks and! or bike paths along
Britton Parkway; and installing street lighting extending along Britton Park"Way and the Coun. In addition,
'c"" public water mains and public sanitary and storm sewers required to drain the roadway surface and any
adjacent site improvements will be installed and available at the property line of the private improvements
defined in Exhibit B, in quantities and characteristics to meet the requirements of the private improvements.
The project also includes d -ign and other related costs, final plat approval, erosion and sediment control
measures, grading and related eanh work, survey work, soil engineering for street section, construction
staking and all other activities necessary~and appurtenant to those public improvements.
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VIA MESSENGER -- HAND DELIVERY
Anne Clarke
Clerk of Council
City of Dublin
6665 Coffman Road
Dublin, Ohio 43017
Subject: Duke Realty Limited Partnership Tax Increment Financing
Dear Anne:
Enclosed for consideration at Council's May 16 meeting is this tax increment
financing ordinance. Also enclosed, to be placed on file in your office prior to the passage of
..- the ordinance, is a copy of the current draft of the tax increment financing agreement approved
in Section 3 of the ordinance. As authorized by the ordinance, this draft agreement is subject
- to further refinement based on additional comments to be received from the parties prior to its
execution.
If this ordinance is to be adopted at Council's May 16 meeting, Council will need
to dispense with its three reading rule on a roll call vote of at least two-thirds of the members
of Council. The ordinance, which is drafted as an emergency measure, will then need to be
passed on a separate roll call vote of at least two-thirds of the members of Council.
Please send me the following:
1. A certified copy of the ordinance as passed by Council.
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Anne Clarke
May 11, 1994
Page 2
2. Minutes or an extract of minutes of all Council meetings at which the
~"""lI ordinance is considered, showing due consideration and passage of the
ordinance.
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Please call if you have any questions.
Very truly yours,
Gregory W. Stype/ ss Gr~
Enclosures
cc(w/enc.): Tim Hansley, City Manager
Terry Foegler, Director of Development
Vince Papsidero, Senior Planner
Marsha Grigsby, Director of Finance
Steve Smith, Director of Law
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MEMORANDUM
TO: City Council
FROM: Tim Hansley, City Manager 5f 1~19+ :5 J J(aJ q <1
DATE: May 9, 1994
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SUBJECT: Duke Associates Tax Increment Financing (TIF) District
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INITIATED BY: Vince Papsidero, AICP, Planning Division
This memorandum presents a summary of the Tax Increm!t Fin~cing (TIF) District proposed
for the Duke Associates office building, located at the = ea'i'comer of Rings Road and 1-270.
As you know, Duke is proposing the construction ofa 100,000 square-foot office structure and
has requested the creation of a TIF district to fund related public improvements. The TIF district
is crucial to Duke's decision to develop this structure in the City of Dublin. This proposal is
recommended to Council by Staff and is presented as emergency legislation because of the
company's tight construction time frame and lease commitments for the building's prime tenant.
I
Private Improvements ,
Duke is proposing construction of a three-story office structure, totalling 100,000 square feet,
which will house the regional headquarters ofa national insurance company. The building is to be
located on a 6.054-acre tract at Tuttle Crossing corporate development. Private improvements
are to include all site work, on-site storm water management, sub base and pavement of parking
lots and drives, all structural steel, concrete, glass, architectural precast, etc., for the building.
...... Additional typical private improvements will include all electrical, plumbing, HV AC and
mechanical units, and fire protection.
-
Public Improvements
The following public improvements will be constructed by the City of Dublin in association with
the Duke Associates project.
. Extension of Britton Parkway from its present terminus approximately 1,100 lineal feet to
existing Rings Road;
. Construction of a new cul-de-sac from Britton Parkway east approximately 460 lineal feet
to the Duke site;
. Construction of a three-foot earthen mound with turf and a two and one-half foot caliper
tree every 40 feet along Britton Parkway and the cul-de-sac;
. Burying and relocating an existing overhead electric line;
. Custom painting of the City of Dublin water tower on Blazer Parkway per an agreed upon
design together with perimeter landscaping;
-
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Duke Associates TIF
May 9, 1994
Page Two
. Construction of sidewalks and/or bikepaths along Britton Parkway and a sidewalk along
the cul-de-sac;
. Installation of street lighting along Britton Parkway and the cul-de-sac; and
. Design and other related costs relative to the final plat, erosion and sedimentation control
....'"''11
measures, grading and related earth work, survey work, soil engineering for street section,
- construction staking and all other activities necessary and appurtenant to those public
improvements.
Tax Impact and TIF Payback
. Real Property Tax Impact - The estimated total real property tax increment created by this
investment is $150,000 per year. The estimated public improvement is $740,000. This
will result in a TIF payback period ofless than five years.
. Personal Income Tax Impact - The estimated employment is 375 workers and the
estimated annual average payroll per employee is $35,000. This would result in a total
building annual payroll of about $13 million, which results in an annual payroll tax of
$262,500.
. Tangible Personal Property Tax Impact - The estimated tangible personal property tax
produced by the project is $32,000 per year.
Staff Recommendation
Staifis recommending approval of the Duke Associates Tax Increment Financing (TIF) District
for the following reasons:
-
. The City will be attracting a major employer that matches the economic development
- objectives outlines in the draft Economic Development Strategy and is one of the only
major office buildings to be constructed in Dublin in the past three years;
. A high profile corporate citizen will be developing very visible interstate frontage,
enhancing Dublin's image as a corporate center;
. The public improvements will "open up" significant prime office sites for development
along 1-270;
. The City will be benefiting from a significant increase in personal income tax revenue;
. The proposed public improvements will result in the construction of Britton Parkway to
Rings Road. This link is a portion of the much needed Coffinan Road extension;
. The affected school districts will be receiving increased tangible personal property taxes
that would otherwise not be generated in the districts;
. The City is not using tax abatement as an inducement to attract this development and
therefore developers are continuing to pay their normal tax obligation; and
. The TIF District will have a short-term impact on the affected taxing authorities ofless
than five years.
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CITY OF DUBLIN Department of Development
May 6, 1994
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Dublin, Ohio 43017-1006
Phone/TOO: 614/761.6500
Fox: 614/889-0740 -
June 3, 1994
Gregory,W. Stype
Squire, Sanders & Dempsey
41 S. High Street
Columbus, OH 43215
RE: Duke Realty Limited Partnership Tax Increment
Financing
Dear Greg:
As you requested, enclosed is a certified copy of Ordinance No. 44-
94 as passed by Council at the May 16, 1994 meeting, together with
minutes of the proceedings.
Please contact me if you need additional information.
~."... Sincerely,
t!iIl;.,.,.." ~ ~
Anne C. Clarke
Clerk of Council ~
Enclosure
......
-
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