Explanation
In 2018, the City adopted a new residential Community Reinvestment Area policy based on the 2016 study from HR&A that evaluated the effectiveness of real property tax abatements. Chapter 4565 of the City Code was established by Ordinance 2184-2018 that outlines the requirements for eligibility to apply for residential tax abatements. Chapter 4565 of the City Code also requires the City to evaluate the policy and CRA categorization every 3 years. The Far East Community Reinvestment Area was created after the 2018 policy and now that the 2022 update is occurring, there is a need to update the Far East CRA to reflect the new policy. This ordinance will modify the Far East Community Reinvestment Area by authorizing modifications that align with the updates to Chapter 4565 of the Columbus City Code.
Title
To amend the Far East Community Reinvestment Area to make modifications to align with the updates located in Chapter 4565 of the Columbus City Code; to set forth the circumstances under which a combined parcel resulting from the combination of a parcel within the original CRA boundaries and parcel(s) outside of the original CRA boundaries will be deemed to be within the CRA; and to further clarify exemption requirements.
Body
WHEREAS, the council of the City of Columbus (hereinafter "Council") desires to pursue reasonable and legitimate incentive measures to assist and encourage development in specific areas of the City of Columbus that have not enjoyed reinvestment from remodeling or new construction; and
WHEREAS, Resolution No. 1698-78, approved August 3, 1978, authorized the Department of Development to carry out a Community Reinvestment Program, pursuant to Sections 3735.65 to 3735.70 of the Ohio Revised Code, and approved certain administrative procedures for the program; and
WHEREAS, Ordinance 1532-2019 created the Far East Community Reinvestment Area and authorized real property tax exemptions within it, as provided per Ohio Revised...
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