Explanation
BACKGROUND: On October 28, 2002, City Council passed Ordinance No. 1608-02 to create a tax increment financing district (the "Italian Village TIF District") for a large portion of Italian Village surrounding the proposed 43-acre development known as Jeffrey Place. The Italian Village TIF District was established to divert into a special account, for thirty years, 100% of all non-school real property tax revenues resulting from increases in assessed value of property within the Italian Village TIF District. The special account would be used to pay for infrastructure improvements identified in that TIF Ordinance.
The Columbus Department of Development believes that a residential-only community reinvestment area ("CRA") to be known as the Jeffrey Square CRA, should be established for a portion of the Italian Village TIF District. To that end, the Columbus Department of Development has submitted a proposed ordinance to City Council to create the Jeffrey Square CRA, providing for exemptions on new residential construction and remodeling. This amendment to Ordinance No. 1608-02 will make it clear that for parcels of property within the Italian Village TIF District that are also located within the Jeffrey Square CRA, the CRA exemptions will take precedence over both the TIF tax exemptions and the obligations under the TIF to make service payments.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Ordinance No. 1608-02 to clarify that Jeffrey Square community reinvestment area exemptions take precedence over both the tax increment financing tax exemptions and the obligations thereunder to make service payments.
Body
WHEREAS, City Council desires to pursue all reasonable and legitimate incentive measures to assist and encourage residential development and redevelopment in specific areas of the City of Columbus (the "City") that have not enjoyed sufficient investment or reinvestment in residential re...
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