Explanation
Background: By its Ordinance No. 2780-1999 passed November 29, 1999, the Columbus City Council established the Crewville Tax Increment Finance Area (TIF Area) pursuant to Section 5709.40 (B) of the Ohio Revised Code, declared the improvements to certain parcels located within that TIF Area to be a public purpose and exempt from taxation, provided for the owner of each parcel to make annual service payments in lieu of taxes, and provided for the non-school portion of those service payments to be paid to the City for deposit into the Crewville Municipal Public Improvement Tax Equivalent Fund (TIF Fund) established in that Ordinance No. 2780-1999. This ordinance provides for the appropriation of monies on deposit in that TIF Fund to be used to fund public infrastructure improvements in accordance with that Ordinance No. 2780-1999 and the related Reimbursement Agreement, which was executed June 11, 2000.
Emergency Justification: Emergency action is requested in order to make necessary disbursements before the year's end.
Fiscal Impact: No funding is required for this legislation.
Title
To appropriate monies on deposit in the Crewville Municipal Public Improvement Tax Equivalent Fund to be used to fund public infrastructure improvements benefiting or serving the Crewville TIF Area and further described in a Reimbursement Agreement by and among the City and Crewville, Ltd.; and to declare an emergency.
Body
WHEREAS, by its Ordinance No. 2780-1999 passed November 29, 1999 (the "TIF Ordinance"), this Council established the Crewville Tax Increment Finance Area (the "TIF Area") pursuant to Section 5709.40(B) of the Ohio Revised Code, declared 100% of the increase in assessed value of certain parcels located within that Incentive Area (which increase in assessed value is referred to as the "Improvement," as further defined in Section 5709.40(A) of the Ohio Revised Code) to be a public purpose and exempt from real property taxation,...
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