Explanation
Background:
The goal of a Community Reinvestment Area is neighborhood revitalization and stabilization.
This Ordinance will create the High and Second Community Reinvestment Area and provide for real property tax exemptions for residentially-zoned and used parcels within the area.
The Ordinance will provide for exemption from an increase in real property tax for construction of new, owner-occupied, single family homes built on vacant lots, construction of new owner-occupied multi-family housing, on the increase in valuation of building conversions from commercial use to residential use; and on the increase in property taxes due to the renovation of existing single and multi-family housing units, within the established boundaries.
The ordinance is an emergency ordinance to allow for the Jackson on High condominium project to be included in the CRA while it is under construction. Allowing this project to participate in the tax incentive program will facilitate completion and promote sales.
Fiscal Impact:
No fiscal impact. No funding is required for this legislation.
Title
To create the High and Second Community Reinvestment Area and to authorize real property tax exemptions as established in the Ohio Revised Code; and to declare an emergency.
Body
WHEREAS, The council of the City of Columbus (hereinafter "Council") desires to pursue reasonable and legitimate incentive measures to assist and encourage development in specific areas of the City of Columbus that have not enjoyed benefit of reinvestment from remodeling or new construction; and
WHEREAS, Resolution No. 1698-78, approved August 3, 1978, as amended by Ordinance No. 1345-02, approved July 29, 2003, authorized the Department of Development to carry out a Community Reinvestment Program, pursuant to Sections 3735.65 to 3735.70 of the Ohio Revised Code, and approved certain administrative procedures for the program; and
WHEREAS, a survey of housing (se...
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