Explanation
Background: This Council passed Ordinance No. 3064-99 on December 13. 1999 (the TIF Ordinance) declaring as a public purpose improvements to parcels of certain real property located within the City's Gateway Area (the TIF Area, as described and depicted in the TIF Ordinance) which is being redeveloped by Campus Partners for Community Urban Redevelopment (Campus Partners). The TIF Ordinance provides for a 100% exemption on all development within the TIF Area for a period of not more than 30 years, and for payments to the Columbus Public School District in the amount of real property taxes that School District would have received without that exemption. The remaining annual service payments in lieu of taxes received in respect of development within the TIF Area will be paid into the Gateway Municipal Public Improvement Tax Increment Equivalent Fund (the TIF Fund) created by the TIF Ordinance to fund structured parking and related public improvements supporting the redevelopment of the Gateway Area, all as previously identified in the TIF Ordinance.
The attached ordinance approves and authorizes a Tax Increment Financing Agreement (the Agreement) by and between the City and Campus Partners to implement that TIF funding of structured parking.
Fiscal Impact: The City has foregone the real property tax revenue that it would have received in respect of development within the Gateway Area. Instead, that revenue has been diverted to the TIF Fund, and shall be applied and distributed pursuant to the Agreement to promote the further redevelopment of the Gateway Area
Title
An ordinance approving and authorizing the Director of Development to execute a Tax Increment Finance Agreement with Campus Partners for Community Urban Redevelopment in furtherance of the redevelopment and revitalization of the Gateway Area.
Body
WHEREAS, pursuant to Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43, this Council on December 13, 1999 passed O...
Click here for full text