Explanation
Background: Ordinance No. 3146-2019 authorized, inter alia, 1) the establishment of a Downtown Redevelopment District (“DRD”) and Innovation District pursuant to Sections 5709.45 through 5709.47 of the Ohio Revised Code in the area of the former Columbus Electric Trolley Barn and presently the East Market: The Historic Trolley Barn District (the “Trolley Barn DRD”); 2) the establishment of a municipal downtown redevelopment district fund for the deposit of service payments in lieu of taxes and property tax rollback payments (the “Service Payments”) generated from the Trolley Barn DRD (the “DRD Fund”); 3) the approval of a Downtown Redevelopment District Agreement (the “DRD Agreement”); and 4) formed a DRD Advisory Committee to review funding requests and make recommendations for monies deposited into the DRD Fund. The purpose of this ordinance is to amend Ordinance No. 3146-2019 in order to 1) appropriate and authorize the expenditure of the Service Payments deposited in the DRD Fund pursuant to the DRD Agreement, and 2) appoint the initial members to the DRD Advisory Committee.
Fiscal Impact: The City is appropriating and authorizing the expenditure of monies deposited or to be deposited in the Trolley Barn DRD Fund (Fund 7486) in accordance with the DRD Agreement.
Title
To amend Ordinance No. 3146-2019 in order to both appropriate and authorize the expenditure of monies deposited in the Trolley Barn DRD Fund pursuant to the DRD Agreement and to appoint the initial members of the DRD Advisory Committee reviewing funding requests and making recommendations for monies in the Trolley Barn DRD. ($0.00)
Body
WHEREAS, Ordinance No. 3146-2019, passed by City Council on December 16, 2019, authorized City Council to establish, inter alia, a downtown redevelopment district on and around the present site of the East Side: Trolley Barn Historic District (the “Trolley Barn DRD”) and to provide for a thirty (30) year, seventy percent (70%) exemption o...
Click here for full text