City of Columbus - File #: 1301-2010

• File #: 1301-2010
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 9/8/2010
• In control: Finance & Economic Development Committee
• On agenda: 10/4/2010
• Final action: 10/6/2010
• Title: To create a tax increment financing district on certain parcels of real property in the area of 3rd Ave. and Olentangy River Road; to declare improvements to those parcels to be a public purpose and exempt from real property taxation; to provide for the owners of those parcels to make service payments in lieu of taxes; to provide for the distribution of the applicable portion of those service payments to the Columbus City School District; to establish a municipal public improvement tax increment equivalent fund for the deposit of the remainder of those service payments; and to specify the public infrastructure improvements to be made on the TIF parcels that directly benefit those parcels.

Date	Ver.	Action By	Action	Result
10/6/2010	1	CITY CLERK	Attest
10/5/2010	1	MAYOR	Signed
10/4/2010	1	Columbus City Council	Approved	Pass
10/4/2010	1	COUNCIL PRESIDENT	Signed
9/27/2010	1	Columbus City Council	Read for the First Time
9/21/2010	1	City Clerk's Office	Sent back for Clarification/Correction
9/21/2010	1	Dev Drafter	Sent to Clerk's Office for Council
9/17/2010	1	CITY ATTORNEY	Reviewed and Approved
9/17/2010	1	Dev Drafter	Sent to Clerk's Office for Council
9/14/2010	1	Dev Drafter	Sent for Approval
9/10/2010	1	CITY ATTORNEY	Reviewed and Disapproved
9/10/2010	1	Dev Drafter	Sent for Approval
9/8/2010	1	Dev Drafter	Sent for Approval
9/8/2010	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
9/8/2010	1	Dev Drafter	Sent for Approval

Explanation

Background: The Department of Development is proposing the establishment of a tax increment financing (TIF) district pursuant to Section 5709.40(B) of the Ohio Revised Code in the area of 3rd Ave and Olentangy River Road. The attached Ordinance establishes that TIF and provides for a 100% exemption from real property taxation on all nonresidential development on the TIF parcels for a period of not more than thirty (30) years. The Columbus City School District will receive, in the same manner as usual, all amounts that it would have received in real property taxes had the tax exemption not been granted. Annual service payments in lieu of taxes will be made with respect to new private nonresidential development on the TIF parcels. The applicable portion of those service payments will be distributed directly to the Columbus City School District, with the remaining non-school portion of those service payments paid to the City for deposit into the TIF fund established in the Ordinance to be used to fund public improvements benefiting the TIF parcels.

Fiscal Impact: No funding is required for this legislation. The City is foregoing real property tax revenue that it would have received with respect to development on the TIF parcels. Instead, the non-school portion of that revenue will be diverted to the specified TIF fund to be used for public infrastructure improvements benefiting the TIF parcels.


Title

To create a tax increment financing district on certain parcels of real property in the area of 3rd Ave. and Olentangy River Road; to declare improvements to those parcels to be a public purpose and exempt from real property taxation; to provide for the owners of those parcels to make service payments in lieu of taxes; to provide for the distribution of the applicable portion of those service payments to the Columbus City School District; to establish a municipal public improvement tax increment equivalent fund for the deposit of the remainde...