Explanation
BACKGROUND: This ordinance authorizes the Director of the Columbus Department of Development to petition the Director of the Ohio Development Services Agency to certify of an area designated within the City of Columbus (City) as a Community Reinvestment Area (CRA). CRAs have been designated by Columbus City Council (City Council) under the general guidelines of Ordinance 1698-78. Such areas allow for the granting of real property tax incentives to encourage industrial, commercial and residential growth. This designated area will be known as the Hamilton-161 CRA.
This legislation as permitted in Sections 3735.65 to 3735.70 of the Ohio Revised Code will authorize the creation of the Hamilton-161 CRA and will provide the City the ability to offer real property tax abatements to business prospects interested in development within the proposed area shown on Exhibit A. The abatements will be available to attract the renovation or new construction of non-retail commercial or industrial facilities and will be negotiated on a case-by-case basis in advance of construction. The abatements may be up to one hundred percent (100%) and for up to twelve (12) or fifteen (15) years, depending on the type of improvement, for structures in the Hamilton-161 CRA which meet the minimum level of Leadership in Energy and Environmental Design (LEED) standards or similar standards which promote sustainability in how buildings are designed, built and operated. City Council approval of specific tax abatements within the Hamilton-161 CRA will be sought on a case-by-case basis once the Hamilton-161 CRA has been certified by the Ohio Development Services Agency. Residential uses will not be eligible for abatements. The Columbus City and the New Albany-Plain Local School Districts have been advised of this proposal.
Emergency action is requested to facilitate development of real estate within the Hamilton-161 CRA.
FISCAL IMPACT: No funding is required for this legislation.
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