Explanation
BACKGROUND: This ordinance authorizes the Director of the Department of Development to execute documents on behalf of the City to accept title to the undeveloped property within the former Jeffrey Mining site and to transfer the property back to the original owner, Jeffrey New Day, LLC, for the purpose of creating a Tax Increment Finance (TIF) area under Ohio Revised Code (ORC) Section 5709.41, to replace the existing .41 TIF area, thereby allowing a full 30 year tax increment financing program on the undeveloped portion of the site.
Jeffrey New Day, LLC has recently acquired and intends to redevelop the former Jeffrey Mining site, located at the southeast corner of Fourth Street and First Avenue, into residential apartments and single family homes. The City and Jeffrey New Day, LLC desire to create a replacement .41 TIF area to pay for certain infrastructure improvements and to otherwise support the former Jeffrey Mining site redevelopment while protecting the Columbus City Schools from any loss of tax revenues.
ORC Section 5709.41 requires that the City own the property prior to passing an ordinance to establish the replacement TIF. Therefore, emergency action is necessary to authorize the City to accept title to the undeveloped land comprising the former Jeffrey Mining site and then to transfer the property back to Jeffrey New Day, LLC. The ordinance replacing the existing .41 TIF with the new .41 TIF will then be submitted for consideration by the City Council within the next 30 days.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to execute and deliver documents on behalf of the City to accept title to certain undeveloped property generally known as the former Jeffrey Mining site and to transfer the property back to the original owner; and to declare an emergency.
Body
WHEREAS, the City of Columbus (the “City”) is committed to improving existing neighborhoo...
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