Explanation
Background:
Capitol South Community Urban Redevelopment Corporation has declared its intention to cause the redevelopment and improvement of the southwest corner of High and Rich Streets with a downtown housing project and to ask that Sections 5709.41 through 5709.43 of the Ohio Revised Code be employed to create a tax increment financing arrangement. Resort to such statute requires that the City acquire and then dispose of the fee simple title to the real estate to be improved. Otto Beatty, Jr., the owner of the real estate has conditioned acquisition negotiations upon the adoption of this Resolution, which declares the necessity and intent to appropriate fee simple title in and to the real estate to be improved. Authorization of the actual acquisition and disposition of the real estate will require adoption of an ordinance at a future date.
Fiscal Impact:
No funding is required for this legislation.
Title
To declare the necessity and intent to appropriate fee simple title in and to the real estate situated generally at the southwest corner of High and Rich Streets and to declare an emergency.
Body
WHEREAS, the City is committed to eliminating conditions of, and preventing the recurrence of blight; and
WHEREAS, this Council has by Ordinance No. 1824-2003, adopted contemporaneously herewith, determined and found that the River South Redevelopment Area is a blighted area, as defined in Section 1728.01 of the Ohio Revised Code; and
WHEREAS, Capitol South Community Urban Redevelopment Corporation has declared its intention to cause the redevelopment and improvement of a portion of the River South Redevelopment Area, namely the southwest corner of High and Rich Streets, with a downtown housing project and to ask that Sections 5709.41 through 5709.43 of the Ohio Revised Code be employed to create a tax increment financing arrangement; and
WHEREAS, resort to such statute requires that the City acquire and then di...
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