Explanation
Background: Community Reinvestment Areas (CRAs) have been designated by the Columbus City Council under the General Policy guidelines of Ordinance 1698-78. Such areas allow for the granting of real property tax abatements to encourage industrial and commercial development.
The Columbus City Council by Ordinance 1292-2012, as adopted on June 18, 2012, created the Short North Community Reinvestment Area to offer 15-year, 100% real-property tax exemptions for improvements to certain parcels within the area, including new commercial structures. The attached ordinance authorizes the Columbus City Council to enter into a CRA Agreement to govern the terms by which the tax exemptions will be offered to the retail and parking garage project (including 250 public parking spaces) to be located at the northeast corner of High Street and Hubbard Avenue. Payments in lieu of taxes will be collected from owners of the abated property and used to fund a portion of the costs of the parking garage.
Emergency action is necessary to provide for these incentives so the Exempt Facility may proceed thereby providing for the creation of jobs and employment opportunities and improving the economic welfare of the people of the City.
Fiscal Impact: No funding is required for this ordinance.
Title
To authorize the provision of certain tax exemptions within the Short North Community Reinvestment Area for the purpose of encouraging economic development and development of a 250 space public parking garage within the area; to authorize the execution of a Community Reinvestment Area Agreement necessary to grant those exemptions; and to declare an emergency.
Body
WHEREAS, E.W. High Street, LLC and E.W. Hubbard High, LLC (together, the “Owner”) are commonly owned and controlled and expect to develop a mixed use building on the real property (the “Property”) generally located on the northeast corner of High Street and Hubbard Avenue, as more particularly described and depicte...
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