Explanation
Background: In order for property to be included in a tax increment financing authorized under Section 5709.41, 5709.42 and 5709.43 of the Ohio Revised Code (collectively, the TIF Statutes) and to support that property’s redevelopment, the City must have previously held title to that property. And, to include “residential” improvements in a tax increment financing (TIF) under the TIF Statutes the property must be in a “blighted” area of an “impacted city” (both as defined in the TIF Statutes). The purpose of this Ordinance is satisfy these preconditions under that Section 5709.41 by authorizing the Director of the Department of Development to execute documents to allow the City to accept title to certain parcels of real property (the “Vine Site”) and to transfer the properties back to the current owners to satisfy the requirement that the City be in the chain of title for the purpose of creating tax increment financing (“TIF”) pursuant to the TIF Statutes. The further purpose of this Ordinance is to make findings of “blight” conditions on certain property to permit the TIF to include “residential” improvements that may be made in connection with the redevelopment of that property. The TIF Ordinance will be submitted to City Council at a later date.
Emergency action is necessary in order to satisfy the preconditions for the establishment of a TIF Ordinance for the redevelopment of the property and creation of new job opportunities without delay.
Fiscal Impact: There is no expenditure of City funds associated with the matters approved in this Ordinance.
Title
To authorize and direct the Director of the Department of Development to accept title to certain properties located in an area east of Neil Avenue, north of Columbus Convention Center Drive, south of Spruce Street and west of North Front Street and to quit claim title of those properties back to their current owners, reserving easement rights for any existing City owned utilities, and to ...
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