Columbus City Council has authorized the Director of the Department of Development to appropriate and expend funds generated from the AC Humko II Tax Increment Financing (TIF) district to contribute to the obligations of the Hubbard Garage, a 250-space public parking facility. This decision also authorizes the termination of the 2012 TIF Agreement with the Columbus-Franklin County Finance Authority, E.W. High Street, LLC, and E.W. Hubbard High, LLC, once the bonds associated with the parking garage are no longer outstanding. The original TIF Agreement, established through the Short North TIF, allocated funds for reimbursing bonds for the parking garage located on Franklin County Tax Parcel ID No. 010-002013. The use of AC Humko II TIF funds, established in 2004, is permissible for 'Neighborhood Public Improvements' including parking structures, as determined by Ordinance No. 1555-2017. This action is deemed an emergency measure, aimed at providing direct savings to the City by reducing outstanding obligations and accruing interest.