City of Columbus - File #: 1842-2005

• File #: 1842-2005
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 10/25/2005
• In control: Jobs and Economic Development Committee
• On agenda: 12/12/2005
• Final action: 12/14/2005
• Title: An ordinance amending the geographic boundary of Columbus City Council Ord. No. 0671-2004; declaring improvements to certain parcels of real property contiguous to the area known as the former AC Humko site, to be a public purpose; requiring the owners thereof to make service payments in lieu of taxes; establishing an urban redevelopment tax increment equivalent fund for the deposit of such service payments; describing the improvements to be made; and to declare an emergency.

Date	Ver.	Action By	Action	Result
12/14/2005	1	MAYOR	Signed
12/14/2005	1	ACTING CITY CLERK	Attest
12/12/2005	1	Columbus City Council	Approved	Pass
12/12/2005	1	Columbus City Council	Taken from the Table	Pass
12/12/2005	1	COUNCIL PRESIDENT	Signed
12/5/2005	1	Columbus City Council	Taken from the Table	Pass
12/5/2005	1	Columbus City Council	Tabled to Certain Date	Pass
11/21/2005	1	Columbus City Council	Tabled Indefinitely	Pass
11/2/2005	1	City Clerk's Office	Sent back for Clarification/Correction
11/2/2005	1	Dev Drafter	Sent to Clerk's Office for Council
10/27/2005	1	CITY ATTORNEY	Reviewed and Approved
10/27/2005	1	Dev Drafter	Sent to Clerk's Office for Council
10/26/2005	1	Dev Drafter	Sent for Approval
10/26/2005	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
10/26/2005	1	Dev Drafter	Sent for Approval

Explanation

BACKGROUND: The need exists to amend the geographic boundary of the TIF district created pursuant to Columbus City Council Ord. No. 0671-2004, approved April 26, 2004 (the "Ordinance"), declaring improvements to certain parcels of real property within the area known as the former AC Humko site (525 W. 1st Avenue) to be for a public purpose and requiring owners, thereof, to make service payments in lieu of taxes to finance public infrastructure improvements under Ohio Revised Code Section 5709.41; Tax Increment Financing (TIF).

Royal Tallow Holdings Ltd., one of the AC Humko site developers, has been engaged in environmental clean up activities at the site since the summer of 2004, where, with Harrison Park Development, Ltd., it intends to begin constructing approximately 300 owner-occupied residential units.

Since the approval of Ord. No. 0671-2004, Royal Tallow Holdings Ltd. and Harrison Park Development, Ltd. have acquired additional parcels of real property contiguous to the boundary established under the Ordinance and desire to include these parcels for the benefit of helping to finance capital improvements through additional residential construction on these parcels.

The City and Royal Tallow Holdings Ltd. and/or Harrison Park Development, Ltd. will enter into a TIF and Development Agreement under ORC Section 5709.41 to pay for infrastructure and other development costs associated with the former AC Humko site and other property added to the TIF district pursuant to this ordinance. Under Ordinance 1838-2005, the City agreed to acquire title to the property affected by this amendment and transfer title to the current property owners in order to comply with the requirements for an O.R.C. Section 5709.41 TIF.

This ordinance continues the process of establishing the TIF by establishing that improvements to the site are for a public purpose, requiring the owners to make service payments in lieu of taxes while establishing an urban rede...