Explanation
BACKGROUND:West Edge Business Center has been in operation for 3 years since the former Sullivant Gardens housing site was acquired and converted for business use. It is anticipated that up to 1,200 jobs will be located at the site at the end of its 7 year build out period.
The City of Columbus and Columbus Urban Growth Corporation desire to create a Tax Increment Financing (TIF) District under Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43 to pay for certain public infrastructure improvements and to otherwise support the West Edge development while protecting the Columbus City School District from any loss of tax revenues.
The payments in lieu of taxes provides for payment to the Columbus City School District for its portion of service payments, establishes the City Municipal Improvement Tax Equivalent Fund for the deposit of the remainder of service payments and authorizes the Director of Development to execute the Tax Increment Financing and Development Agreement between the City of Columbus and the developer.
FISCAL IMPACT: No funding is required for this legislation.
Title
An Ordinance declaring the improvement to certain parcels of real property to be a public purpose, requiring the owners thereof to make service payments in lieu of taxes, providing for the payment to the Columbus City School District of its portion of those service payments, establishing a municipal public improvement tax equivalent fund for the deposit of the remainder of those service payments with the City and authorizing the Director of the Department of Development to execute a Tax Increment Financing and Development Agreement for infrastructure improvements to benefit the development of West Edge Business Center; and to declare an emergency.
Body
WHEREAS, Ohio Revised Code Section 5709.40(B) authorizes the legislative authority of a municipal corporation, by ordinance, to declare improvements to parcels of real property locate...
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