Explanation
Background: The City Department of Development is proposing the establishment of a tax increment financing (TIF) area pursuant to Section 5709.41 of the Ohio Revised Code in the area of the White Castle headquarters at 555 Goodale Street TIF. The attached Ordinance establishes that TIF and provides for a 100% exemption from real property taxation on all nonresidential development on the TIF parcels for a period of not more than thirty (30) years. 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 new private nonresidential development on the TIF parcels. 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 the TIF parcels.
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 on the TIF parcels. Instead, the non-school portion of that revenue will be diverted to the specified TIF fund to be used for public infrastructure improvements benefiting the TIF parcels.
Emergency action is requested in order to allow the developer to promptly begin constructing certain improvements during favorable construction conditions.
Title
To create a tax increment financing area on certain parcels of real property in the area of the White Castle headquarters; to declare improvements to those parcels to be a public purpose and exempt from real property taxation; and to declare an emergency. (REPEALED BY ORD. 1105-2018 PASSED 5/7/2018)
Body
WHEREAS, Sections 5709.40, 5709.41, 5709.42 and 5709.43 of the Ohi...
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