Explanation
Background: The Columbus City Council passed Ordinance 1301-2010 on October 4, 2010, establishing a tax increment financing area (TIF Area) benefiting parcels near 3rd Avenue and Olentangy River Road pursuant to Section 5709.40(B) of the Ohio Revised Code. This ordinance approves and authorizes a tax increment financing agreement between the City of Columbus and NRI Equity Land Investments, LLC to provide for the construction and financing of certain improvements within and around that TIF Area.
Fiscal Impact: No City funding is required for this legislation.
Title
To approve and authorize the execution of a tax increment financing agreement between the City of Columbus and NRI Equity Land Investments, LLC to provide for the construction and financing of improvements within and around the Third Avenue and Olentangy River Road tax increment financing area; and to declare an emergency.
Body
WHEREAS, Sections 5709.40(B), 5709.42 and 5709.43 of the Ohio Revised Code authorize this Council, by ordinance, to declare the improvement to certain parcels of real property located within the corporate boundaries of the City of Columbus, Ohio (the “City”), to be a public purpose and exempt from taxation, require the owner of each parcel to make service payments in lieu of taxes, and specify public infrastructure improvements made, to be made or in the process of being made that directly benefit, or that once made will directly benefit, those parcels; and
WHEREAS, pursuant to Ordinance 1301-2010 passed on October 4, 2010 (the “TIF Ordinance”), this Council created a tax increment financing in the area of 3rd Avenue and Olentangy River Road (the “TIF Area”) (Exhibit A Map & Parcel List); and
WHEREAS, NRI Equity Land Investments, LLC (NRI) has commenced making or causing to be made private improvements within the TIF Area (collectively, the “Private Improvements”); and
WHEREAS, the City has determined that it is in the best interest of the City and its...
Click here for full text