Explanation
BACKGROUND: The goal of a Community Reinvestment Area is neighborhood revitalization and stabilization.
This Ordinance will create the Jeffrey Square Community Reinvestment Area (see Exhibit B) and provide for real property tax exemptions for residentially-used parcels within the area.
The Ordinance will provide an exemption from real property tax on the increased valuation of a previously commercial office building and previously commercial research and development building, both of which will be converted to dwelling units, and on single and multi-family housing units within the established boundaries.
NOTE: The creation of the Jeffrey Square Community Reinvestment Area is predicated upon City Council rezoning the property from manufacturing to residential or granting variances permitting residential use. Tax exemption can not occur until proof is provided that the change in zoning or grant of variances has occurred.
FISCAL IMPACT: No fiscal impact. No funding is required for this legislation.
Title
To create the Jeffrey Square Community Reinvestment Area and to authorize real property tax exemptions as established in Section 3735.65 to 3735.70 of the Ohio Revised Code.
Body
WHEREAS, the council of the City of Columbus (hereinafter "Council") desires to pursue reasonable and legitimate incentive measures to assist and encourage development in specific areas of the City of Columbus that have not enjoyed reinvestment from remodeling or new construction; and
WHEREAS, Resolution No. 1698-78, approved August 3, 1978, as amended by Ordinance No. 1345-02, approved July 29, 2003, authorized the Department of Development to carry out a Community Reinvestment Program, pursuant to Sections 3735.65 to 3735.70 of the Ohio Revised Code, and approved certain administrative procedures for the program; and
WHEREAS, a survey of housing (see Exhibit A) as required by Ohio Revised Code (ORC) Section 3735.66 has been prep...
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