Explanation
Background: By its Ordinance 2092-2001 passed December 17, 2001, the Columbus City Council established the Pen West West Tax Increment Finance Area (TIF Area) pursuant to Section 5709.40 (B) of the Ohio Revised Code, declared the improvements to certain parcels located within that TIF Area to be a public purpose and exempt from taxation, provided for the owner of each parcel to make annual service payments in lieu of taxes, and provided for the non-school portion of those service payments to be paid to the City for deposit into the Pen West West Municipal Public Improvement Tax Equivalent Fund (TIF Fund) established in that Ordinance.
The need exists to amend Ordinance 2092-2001 to expand the range of Public Improvements eligible for reimbursement.
Fiscal Impact: No funding is required for this legislation.
Title
To amend ordinance 2092-2001 by adding an Exhibit B (1) broadening the scope of eligible public improvements in the Pen West West Tax Increment Finance Area; and to declare an emergency.
Body
WHEREAS, by its Ordinance No. 2092-2001 passed December 17, 2001, (the "TIF Ordinance"), this Council established the Pen West West Tax Increment Finance Area (the "TIF Area") pursuant to Section 5709.40(B) of the Ohio Revised Code, declared 100% of the increase in assessed value of certain parcels located within that Incentive Area (which increase in assessed value is referred to as the "Improvement," as further defined in Section 5709.40(A) of the Ohio Revised Code) to be a public purpose and exempt from real property taxation, provided for the owner of certain parcels to make annual service payments in lieu of real property tax payments, including any penalties and interest (collectively, the "Service Payments"), and provided for the non-school portion of those Service Payments to be paid to the City for deposit into the Pen West West Tax Equivalent Fund established in that TIF Ordinance (the "TIF Fund") to fund certain public in...
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