Explanation
BACKGROUND: In 1999 the Capitol South Community Urban Redevelopment Corporation, the Greater Columbus Chamber of Commerce and the Columbus Department of Trade and Development initiated an effort to work with downtown property owners to create a Special Improvement District (SID) in the core area of downtown. Property owners were surveyed and overwhelmingly were in support of creating a SID. The SID was created for a five year period and was very successful. The first five-year SID period concluded in the summer of 2006 and the property owners reauthorized the SID, with slightly different boundaries, but still called the Capital Crossroads Special Improvement District. The second five-year SID will conclude in the summer of 2011 and now the property owners wish to reauthorize the SID, with slightly different boundaries, but again still called the Capital Crossroads Special Improvement District (map attached). The property owners have initiated a one petition process in which at least 60% of the property owners within the District signed that they are interested in reauthorizing the SID and they approve of the plan for improvements and services to be provided by the SID (petition attached). This legislation is one of the first actions required by Chapter 1710 of the Ohio Revised Code.
City Council must then accept the petitions and the Articles of Incorporation of the Capitol Crossroads Special Improvement District of Columbus, Inc., an Ohio not-for-profit corporation organized pursuant to Chapter 1710 of the Revised Code.
City Council is also being asked to also approve the inclusion of City owned property as part of the Special Improvement District.
Emergency action is required to allow the Capitol Crossroads Special Improvement District of Columbus, Inc. to continue the establishment of a Special Improvement District in a timely manner.
FISCAL IMPACT: No funding is required for this legislation.
Title
To approve the Capitol C...
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