Explanation
BACKGROUND:
Community Reinvestment Areas have been designated by Columbus City Council under the general guidelines of Resolution No. 1698-78. Such areas allow for the granting of real property tax incentives to encourage industrial, commercial and residential growth.
This resolution will amend the existing Old State Road Community Reinvestment Area created under Resolution No. 38X-94 to include the area from Lazelle Rd. at Arnold Pl., north following the Columbus City boundary generally north and east to Worthington Rd., then southwest along the city boundary to Lazelle Rd., then west along Lazelle Rd. to Arnold Pl. This amendment will also increase the real property incentive to a maximum of one hundred percent (100%) for a period of fifteen (15) years.
FISCAL IMPACT:
No funding is required for this resolution.
Title
To authorize the Director of Development to amend the existing Old State Road Community Reinvestment Area as established by Sections 3735.65 to 3735.70 of the Ohio Revised Code; and to declare an emergency.
Body
WHEREAS, City Council desires to pursue all reasonable and legitimate incentive measures to assist in encouraging housing maintenance and economic and community development; and
WHEREAS, Resolution No. 1698-78 approved August 3, 1978, authorized the Department of Development to implement a Community Reinvestment Program, pursuant to Section 3735.65 to 3735.70 of the Ohio Revised Code, and approved certain administrative procedures for the program; and
WHEREAS the Department of Development has received a proposal from a business which has an interest in developing property east of the existing Old State Road Community Reinvestment Area, and receiving real property tax exemption benefits of the Community Reinvestment Area; and
WHEREAS, the proposed site and its immediate vicinity have been surveyed and has been found to meet the criteria for designation of a Community Reinvestment Area...
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