Explanation
BACKGROUND: This Ordinance amends the Franklinton Community Reinvestment Area/Area G (Franklinton CRA) established by Ordinance 1938-2006 and renewed by Ordinance 2157-2011. This amendment will expand the boundaries of the existing Community Reinvestment Area by adding 550 parcels to the existing area. In addition, the Franklinton CRA will be revised to include the new construction of rental housing as an eligible activity for participation in the City of Columbus' Residential Tax Incentives program. The Ordinance will provide for exemption from an increase in real property tax for construction of new rental, single-family homes built on vacant lots and for the construction of new rental multi-family housing.
The goal of amending the Franklinton CRA is to expand neighborhood revitalization efforts, stabilize and increase school enrollment, and increase single-family and rental housing development in the area.
Emergency action is being requested so that these amendments can take effect as soon as possible in order to coincide with new housing developments planned for the area.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend the Franklinton Community Reinvestment Area/Area G, for the purpose of expanding its boundaries by adding parcels to the existing Franklinton CRA and making new construction of rental housing an eligible activity in the Residential Tax Incentive program; and to declare an emergency.
Body
WHEREAS, Ordinance 2157-2011, passed December 5, 2011, renewed the Franklinton Community Reinvestment Area/Area G; and
WHEREAS, the City now desires to expand the boundaries of the Franklinton CRA by adding parcels to the existing Franklinton CRA, and make the construction of new rental housing located within the established boundaries of the Franklinton CRA an eligible activity in the Residential Tax Incentives program; and
WHEREAS, a survey of housing (see Exhibit A) as required by Ohio Revised...
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