Explanation
BACKGROUND:
The purpose of this ordinance is to authorize the Director of the Department of Development to execute documents to allow the City to accept title to certain property adjacent to the former AC Humko site and to transfer the property back to the original owners, including without limitation Royal Tallow Holdings Ltd. and Harrison Park Development, Ltd., for the purpose of including such certain property in a previously created Tax Increment Finance (TIF) district under Ohio Revised Code (ORC) section 5709.41.
Royal Tallow Holdings Ltd. and Harrison Park Development, Ltd. intend to redevelop the former AC Humko site, at 525 West 1st Avenue, and certain of the property being transferred pursuant to this ordinance into approximately 300 owner-occupied homes. Royal Tallow Holdings Ltd. and Harrison Park Development, Ltd. have been working extensively with residents of the Harrison West neighborhood of Columbus over the past 30 months to ensure community input and receive neighborhood support.
The City of Columbus previously created a TIF District under ORC Section 5709.41 pursuant to Ordinance 0671-2004 to pay for certain public infrastructure improvements and to otherwise support the former AC Humko site redevelopment while protecting the Columbus Public School District from any loss of tax revenues.
Revised Code § 5709.41 requires that the City own the property at some time prior to passing an ordinance to establish a TIF. under §5709.41. Therefore, this legislation is necessary to authorize the City to accept title to certain property which will comprise part of the project, and then to transfer such property back to the current owners. An ordinance to include this property in the TIF District is being simultaneously submitted for consideration by the City Council.
FISCAL IMPACT:
There is no expenditure of City funds associated with the transfer of the property.
Title
To authorize the Director of the Departmen...
Click here for full text