Explanation
Background: The Department of Development is proposing the establishment under Ohio Revised Code Section 5709.40(C) of one or more tax increment financing (TIF) incentive districts in an area in the southeastern portion of the City generally bounded by Ebright Road on the west, U.S. Route 33 on the southwest, Winchester Pike on the northeast and Bixby Road on the south (the “Area”) in order to facilitate the development and infrastructure needs of the Area.
The legislation implementing any TIF incentive district in the Area will not be able to be passed prior to January 1, 2006, the date the new TIF law takes effect. In order to preserve the ability for the City to create TIF incentive districts under the existing TIF law, the City and developers of the Area must enter into an agreement for the development of the projects in the Area. The attached ordinance authorizes the Director of the Department of Development to enter into such an agreement substantially in the form presently on file with the Clerk of Council.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an agreement with the developers of the area in the southeastern portion of the City to provide for the development and infrastructure improvement needs of that area; and to declare an emergency.
Body
WHEREAS, this Council, by its Ordinance 0123-2000 passed on January 31, 2000, adopted the Southeast Area Plan as the official policy document for the Southeast planning area (the area generally bounded by Blacklick Creek, U.S. Route 33 and the Franklin County line), which plan addresses the development and infrastructure needs and goals for the planning area, which include maximizing open space and protecting environmental resources within the planning area while encouraging innovative and livable developments; and
WHEREAS, in an effort to develop the Southeast pl...
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