Explanation
BACKGROUND:
Ordinance 1292-2012, passed June 18, 2012, created the Short North Community Reinvestment Area (CRA). Subsequent to the passage of this ordinance, an additional project that would benefit from the CRA came forward and the CRA has been expanded to include this project. In addition, it was determined that the payment of the forgone taxes in years 11-15 on new construction properties to the City rather than allowing the benefit to continue to the property owner was not advantageous for the goals of the CRA. Therefore, the CRA is being amended to allow for a full 15 year 100% abatement without payments to the City.
Emergency action is being requested so that this correction can take effect as soon as possible in order to coincide with the original ordinance's initial implementation.
FISCAL IMPACT:
No funding is required for this legislation.
Title
To amend Ordinance 1292-2012, passed June 18, 2012, amending Short North Community Reinvestment Area for the purpose of expanding the CRA to accommodate an additional project and to permit a full 15 year 100% abatement on new construction projects within the CRA; and to declare an emergency. (AMENDED BY ORD. 1282-2014 PASSED 6/9/2014)
Body
WHEREAS, Ordinance 1292-2012, passed June 18, 2012, created the Short North Community Reinvestment Area (CRA); and
WHEREAS, following the passage of Ordinance 1292-2012, an additional project that would benefit from the CRA came forward and requested to participate in the benefits the CRA provides; and
WHEREAS, it was determined that the payment of forgone taxes to the City in years 11-15 of the abatement would not be advantageous for the goals of the CRA and that a full 15 year 100% abatement would better encourage desired development within the CRA; and
WHEREAS, an emergency exists in the usual daily operations of the Department of Development in that it is immediately necessary to amend the CRA and to authorize real property tax ex...
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