Explanation
BACKGROUND: This ordinance authorizes the Director of the Columbus Department of Development to submit to the Director of the Ohio Development Services Agency, through this ordinance, an amendment to the certification of an area designated within the City of Columbus (City) as a Community Reinvestment Area (CRA). CRAs have been designated by Columbus City Council (Council) under the guidelines of Ordinance 1698-78. Such areas allow for the granting of real property tax incentives to encourage industrial, commercial and residential growth. This designated area, currently known as the Downtown Residential CRA number 049-18000-22, was authorized by Council by Resolution 170X-92, passed on September 28, 1992, certified by the State of Ohio also on September 28, 1992 and amended by Council by Ordinance 1345-2002 on July 29, 2002.
This ordinance will amend the existing Downtown Residential CRA to rename the CRA to be the Columbus Downtown CRA, to revise the terms of project applicability within the CRA to include not only the renovation of existing structures or construction of new structures for residential purposes but the renovation of existing structures or construction of new structures for commercial and industrial purposes as well, to eliminate any requirements for payments in lieu of taxes (PILOTS) and to eliminate “Targeted Action Areas” all within the existing boundaries of the CRA.
Emergency action is requested to facilitate further development of real estate within the Columbus Downtown CRA.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to submit to the Director of the Ohio Development Services Agency an amendment to the certification of the Columbus Downtown Residential Community Reinvestment Area; and to declare an emergency.
Body
WHEREAS, Council desires to pursue all reasonable and legitimate incentive measures to assist and encourage residential and ...
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