Title
To authorize the City Auditor to enter into an understanding with the Franklin County Auditor agreeing to the clarification of the Tax Commissioner of the State of Ohio.
Explanation
Background
This ordinance authorizes the City Auditor to enter into an understanding with the Franklin County Auditor and agrees to the clarification of the Tax Commissioner of the State of Ohio with respect to the allocation of valuation of parcels within the Tax Increment Financing (TIF) Districts in Franklin County.
Fiscal Impact
Ensures continuation of intended disbursement of TIF revenues in Franklin County.
Body
Whereas, the Tax Commissioner of the State of Ohio has issued a clarification for an alternative calculation for allocation of valuation of parcels within Tax Increment Financing Districts in specialized circumstances; and,
Whereas, it is necessary and advisable that the City Auditor be authorized to enter into an understanding with the Franklin County Auditor which agrees to such clarification, and to provide for such allocations of valuations in an expeditious manner; Now, therefore,
BE IT 0RDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS, OHIO:
Section 1. That the City Auditor be and hereby is authorized to enter into an understanding with the Franklin County Auditor to clarify and confirm the procedure for the allocation of valuation of parcels within Tax Increment Financing Districts and to agree to the clarification of the Tax Commissioner of the State of Ohio in that regard.
Section 2. That revenue resulting from various adjustments pursuant to the Tax Commissioner's clarification shall be forwarded from the Franklin County Auditor to the City in the first half of 2005.
Section 3. Such revenues and adjustments will be effective with the first half 2005 payments to the City and not affect payments of any period prior thereto.
Section 4. That this ordinance shall take effect and be in force from and after the earliest period ...
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