Explanation
Background: By its Ordinance No. 2117-2005 passed December 12, 2005, the Columbus City Council established the Preserve Incentive District pursuant to Section 5709.40(C) of the Ohio Revised Code, declared the improvements to each parcel located within that incentive district 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 Preserve TIF Fund established in that Ordinance No. 2117-2005. The attached 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. 2117-2005 and the related Reimbursement Agreement, which agreement was approved by Ordinance No. 1187-2007 passed July 23, 2007.
Fiscal Impact: No additional funding is required for this legislation.
Title
To appropriate monies on deposit in the Preserve Incentive Tax Equivalent Fund to be used to fund public infrastructure improvements benefiting or serving the Preserve Incentive District and further described in a Reimbursement Agreement by and among the City, The New Albany Company LLC and Lifestyle Communities, Ltd.; and to declare an emergency.
Body
WHEREAS, by its Ordinance No. 2117-2005 passed December 12, 2005 (the "TIF Ordinance"), this Council established the Preserve Incentive District (the "Incentive District") pursuant to Section 5709.40(C) of the Ohio Revised Code, declared 100% of the increase in assessed value of each parcel located within that Incentive District (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, provided for the owner of each parcel to make annual service payments in lieu of real property t...
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