Explanation
Background: The Department of Development is proposing the establishment of one or more tax increment financing (TIF) incentive districts on the Gay Street Neighborhood in the City pursuant to Section 5709.40(C) of the Ohio Revised Code. One of the prerequisites for the creation of an incentive district is the adoption by City Council of a written economic development plan. This ordinance authorizes the adoption of that economic development plan.
Fiscal Impact: No City funding is required for this legislation.
Title
To approve an economic development plan for the Gay Street Neighborhood and to state that the City may hereafter proceed with approval of the tax increment financing.
Body
WHEREAS, Section 5709.40(C) of the Ohio Revised Code authorizes the legislative authority of a municipal corporation to create, by ordinance, one or more incentive districts and declare the improvement to each parcel of real property within each district to be a public purpose; and
WHEREAS, Section 5709.40(A) of the Ohio Revised Code requires an incentive district to have one or more distress characteristics, which may be defined as inadequate public infrastructure serving the district as evidenced by a written economic development plan for the district; and
WHEREAS, the City Department of Development has determined to create one or more incentive districts on the Gay Street Neighborhood area in the City, as depicted and described in Exhibit A attached hereto (each an "Incentive District" and together the "Incentive Districts"); and
WHEREAS, the area within the Incentive Districts has been studied and an economic development plan has been prepared for that area (the "Economic Development Plan"), which Economic Development Plan has been submitted to this Council and contains recommendations addressing land use, housing and public infrastructure and related issues; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. This Council hereby adopts and approves the Economic Development Plan, and the City Department of Development and all departments and divisions of the City administration are hereby authorized and directed to consult and use the Economic Development Plan as guidance in establishing the Incentive Districts and providing financing for public infrastructure improvements. Copies of the Economic Development Plan shall be kept on file in the City Department of Development.
Section 2. This Council may hereafter proceed to establish the Incentive Districts under Section 5709.40(C) of the Ohio Revised Code.
Section 3. This Ordinance shall take effect and be in force from and after the earliest period allowed by law.