City of Columbus - File #: 1716-2003

• File #: 1716-2003
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 6/26/2003
• In control: Development Committee
• On agenda: 7/7/2003
• Final action: 7/16/2003
• Title: An ordinance establishing a Tax Increment Finance incentive district and declaring improvements to certain parcels of real property to be a public purpose, describing the public infrastructure improvements to be made to benefit those parcels, requiring the owners thereof to make service payments in lieu of taxes, establishing a municipal public improvement tax increment equivalent fund for the deposit of such service payments, and protecting the Worthington School District against any loss of revenue.

Date	Ver.	Action By	Action	Result
7/16/2003	2	MAYOR	Signed
7/16/2003	2	CITY CLERK	Attest
7/14/2003	1	Columbus City Council	Approved as Amended	Pass
7/14/2003	1	Columbus City Council	Amended	Pass
7/14/2003	2	COUNCIL PRESIDENT	Signed
7/7/2003	1	Columbus City Council	Read for the First Time
6/27/2003	1	Dev Drafter	Sent for Approval
6/27/2003	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
6/27/2003	1	Dev Drafter	Sent for Approval
6/27/2003	1	CITY ATTORNEY	Reviewed and Approved
6/27/2003	1	Dev Drafter	Sent to Clerk's Office for Council

Explanation

Background: The Department of Development is proposing the establishment of an incentive district, a type of tax increment financing (TIF) district, encompassing certain areas in the Crosswoods area of Far North Columbus. All non-school revenue derived from the service payments in lieu of taxes, will be utilized to fund the extension of Crosswoods Drive (to be renamed Radio City Boulevard) to North High Street and related utility improvements within the public right of way. The Worthington School District will receive at the same time and in the same manner as usual, all monies that it would receive in real property taxes if this TIF was not created.

Fiscal Impact: The City is foregoing real property tax revenue it would have received, and instead, the revenue will be diverted to the TIF fund.


Title

An ordinance establishing a Tax Increment Finance incentive district and declaring improvements to certain parcels of real property to be a public purpose, describing the public infrastructure improvements to be made to benefit those parcels, requiring the owners thereof to make service payments in lieu of taxes, establishing a municipal public improvement tax increment equivalent fund for the deposit of such service payments, and protecting the Worthington School District against any loss of revenue.


Body

WHEREAS, Section 5709.40 of the Ohio Revised Code ("Revised Code"), authorizes the a municipal corporation, by ordinance, to create and incentive district and to declare improvements to parcels of real property located within the incentive district to be a public purpose and exempt from taxation; and

WHEREAS, the real property shown on Exhibit A (parcel numbers) and on Exhibit A [1] (map) hereto is located in the State of Ohio, County of Franklin and City of Columbus (such property, together with any improvements now or hereafter constructed, developed or located thereon, is collectively hereinafter referred to as the "...