City of Columbus - File #: 1947-2008

• File #: 1947-2008
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 11/25/2008
• In control: Development Committee
• On agenda: 12/15/2008
• Final action: 12/17/2008
• Title: To authorize the creation of a tax increment financing incentive district encompassing certain parcels of real property (Blauser-Summerlyn); to declare improvements to those parcels to be a public purpose and exempt from real property taxation; to provide for the owners of those parcels to make service payments in lieu of taxes; to provide for the distribution of the applicable portion of those service payments to the Columbus City School District; to establish a municipal public improvement tax increment equivalent fund for the deposit of the remainder of those service payments; to specify the public infrastructure improvements to be made within the district that directly benefit or serve those parcels; to approve and authorize the execution of a tax increment financing agreement; and to declare an emergency. (AMENDED BY ORD. 3154-2022 PASSED 11/21/2022) BA

Date	Ver.	Action By	Action	Result
12/17/2008	1	ACTING CITY CLERK	Attest
12/16/2008	1	MAYOR	Signed
12/15/2008	1	Columbus City Council	Approved	Pass
12/15/2008	1	COUNCIL PRESIDENT	Signed
12/1/2008	1	Dev Drafter	Sent to Clerk's Office for Council
11/25/2008	1	Dev Drafter	Sent for Approval
11/25/2008	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
11/25/2008	1	Dev Drafter	Sent for Approval
11/25/2008	1	CITY ATTORNEY	Reviewed and Approved

Explanation

Background: The City Department of Development is proposing the establishment of a tax increment financing (TIF) incentive district on the Blauser-Summerlyn site in the City pursuant to Section 5709.40(C) of the Ohio Revised Code. The attached Ordinance establishes that incentive district and provides for a 100% exemption from real property taxation on all development within the incentive district for a period of not more than 30 years. It is important to note that the Columbus City School District will receive, in the same manner as usual, all amounts that it would have received in real property taxes had the tax exemption not been granted. Annual service payments in lieu of taxes will be made with respect to private development within the incentive district. The applicable portion of those service payments will be distributed directly to the Columbus City School District, with the remaining non-school portion of those service payments paid to the City for deposit into the TIF fund established in the Ordinance to be used to fund public improvements benefiting or serving the incentive district.

Fiscal Impact: No funding is required for this legislation. The City is foregoing real property tax revenue that it would have received with respect to development within the incentive district. Instead, the non-school portion of that revenue will be diverted to the specified TIF fund to be used for public infrastructure improvements benefiting or serving the incentive district.


Title

To authorize the creation of a tax increment financing incentive district encompassing certain parcels of real property (Blauser-Summerlyn); to declare improvements to those parcels to be a public purpose and exempt from real property taxation; to provide for the owners of those parcels to make service payments in lieu of taxes; to provide for the distribution of the applicable portion of those service payments to the Columbus City School District; to establish a municip...