Explanation
Background: The goal of a Community Reinvestment Area is neighborhood revitalization and stabilization.
This Ordinance will amend Ordinances 1950-2006 Linden/Area A, 1951-2006 North of Broad/Area B, 1946-2006 Southside/Area C, 1941-2006 Hilltop /Area D, 1937-2006 South of Main/Area E and 1938-2006 Franklinton/Area G (see Exhibit 2) in order to continue to provide for real property tax exemptions for residentially-zoned parcels within the areas. All Exhibits referenced in this Ordinance are on file with the City Clerk’s Office.
The Ordinance will provide continued exemption from the increase in real property tax for new single family homes built on vacant lots and on the increase in valuation of existing single and multi-family housing units, resulting from renovation, within the established boundaries.
Emergency action is requested so that current residential tax abatement applications from eligible property owners can continue to be processed.
Fiscal Impact: None. No City funding is required for this legislation.
Title
To renew the Linden/Area A Community Reinvestment Area, North of Broad/Area B Community Reinvestment Area, Southside/Area C Community Reinvestment Area, Hilltop /Area D Community Reinvestment Area, South of Main/Area E Community Reinvestment Area and Franklinton/Area G Community Reinvestment Area, to authorize real property tax exemptions as established in the Ohio Revised Code; and to declare an emergency. (AMENDED BY ORD. 1375-2015 PASSED 06/01/2015)
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 significant reinvestment from remodeling or new construction; and
WHEREAS, Ordinance 1698-78, approved August 3, 1978, as amended by Ordinance 1345-02, approved July 29, 2002, authorized the Department of Development to carry out a Commun...
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