Explanation
Background: The City of Columbus has entered into an Economic Development Agreement with Wagenbrenner Development, Inc., by which the City agreed to create a tax increment financing (TIF) incentive district pursuant to Ohio Revised Code Section 5709.40(C) and to establish a TIF area pursuant to Ohio Revised Code Section 5709.41. In order to implement that Economic Development Agreement by establishing those TIFs, the attached Ordinance approves an Economic Development Plan and adopts findings of blight.
Fiscal Impact: No funding is required for this legislation.
Title
To adopt and approve an economic development plan for the Weinland Park neighborhood; to adopt blight findings; to confirm the City will proceed with approval of the tax incrementing financings; and to declare an emergency.
Body
WHEREAS, the City of Columbus has entered into an Economic Development Agreement with Wagenbrenner Development, Inc., dated August 29, 2008 (the "Economic Development Agreement"), by which the City agreed to create a tax increment financing ("TIF") incentive district pursuant to Ohio Revised Code Section 5709.40(C) and to establish a TIF area pursuant to Ohio Revised Code Section 5709.41; and
WHEREAS, Ohio Revised Code Section 5709.40(A) requires an incentive district to have one or more distress characteristics, which may include (i) inadequate public infrastructure serving the district as evidenced by a written economic development plan for the district, or (ii) that the district is a blighted area; and
WHEREAS, the area comprising the Weinland Park neighborhood in the City, as identified and depicted in Exhibit A attached hereto ("Area A"), has been studied and an Economic Development Plan has been prepared for that area, which Economic Development Plan has been submitted to this Council and contains recommendations addressing land use, housing and public infrastructure and related issues; and
WHEREAS, a blight study has been conducted on the parcels of real property identified and depicted in Exhibit B attached hereto ("Area B"), finding that area to be a "blighted area" within the meaning of Ohio Revised Code Sections 1728.01 and 1.08, and that blight study and those findings have been submitted to this Council; and
WHEREAS, to declare improvements that will be used for residential purposes a public purpose under Ohio Revised Code Section 5709.41, those improvements must be constructed in a "blighted area" of an "impacted city" (as those terms are defined in Ohio Revised Code Section 1728.01);
WHEREAS, a blight study has also been conducted on the parcels of real property identified and depicted in Exhibit C attached hereto ("Area C"), finding that area to be a "blighted area" within the meaning of Ohio Revised Code Sections 1728.01 and 1.08, and that blight study and those findings have been submitted to this Council; and
WHEREAS, the Director of the Ohio Department of Development has certified the City to be an "impacted city" within the meaning of Ohio Revised Code Section 1728.01; and
WHEREAS, an emergency exists in that this Ordinance is required to be immediately effective in order to facilitate the development of the property referred to above, such immediate action being necessary for the preservation of the public health, peace, property and safety; 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 to consult and use the Economic Development Plan as guidance in establishing the TIF 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 finds, based on the findings in the blight studies of Area B and Area C, that Area B and Area C constitute blighted areas within the meaning of Ohio Revised Code Sections 1728.01(E) and 1.08.
Section 3. This Council hereby confirms the Economic Development Agreement and will proceed to establish TIFs as set forth in that Economic Development Agreement.
Section 4. For the reasons stated in the Preamble hereto, which is hereby made a part hereof, this Ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after the passage if the Mayor neither approves nor vetoes the same.