Explanation
Background: By its Ordinance No. 1716-2003 passed July 14, 2003, the Columbus City Council established the Crosswoods Project 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 certain 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 Crosswoods Project Municipal Public Improvement Tax Increment Equivalent Fund established in that Ordinance No. 1716-2003. 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. 1716-2003 and the related Economic Development Agreement.
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 Crosswoods Project Municipal Public Improvement Tax Increment Equivalent Fund to be used to fund public infrastructure improvements benefiting or serving the Crosswoods TIF Area described in the Economic Development Agreement between the City and Crosswoods Central Park, LLC dated May 31, 2005; and to declare an emergency.
Body
WHEREAS, by its Ordinance No. 1716-2003 passed July 14, 2003 (the "TIF Ordinance"), this Council established the Crosswoods 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 each parcel located within that TIF 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 fr...
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