Explanation
BACKGROUND: By Ordinance 0349-2005 passed April 4, 2005, the Columbus City Council established the Hayden Run North & Hayden Run South Tax Increment Finance Areas (TIF Areas) pursuant to Section 5709.40(C) of the Ohio Revised Code, declared the improvements to certain parcels located within those TIF Areas to be a public purpose and exempt from taxation, provided for the owner of each parcel to make annual service payments in lieu of taxes, and provided for the non-school portion of those service payments to be paid to the City for deposit into the Hayden Run North & Hayden Run South Municipal Public Improvement Tax Equivalent Funds (TIF Funds) established in Ordinance 0349-2005. This ordinance provides for the appropriation of monies on deposit in those TIF Funds to be used to fund public infrastructure improvements in accordance with Ordinance 0349-2005 and the related Memorandum of Understanding (MOU), which was executed November 22, 2004.
FISCAL IMPACT: No additional funding is required for this legislation.
Title
To appropriate monies on deposit in the Hayden Run North & Hayden Run South Municipal Public Improvement Tax Equivalent Funds to be used to fund public infrastructure improvements benefiting or serving the Hayden Run Blvd. TIF Areas and further described in a Memorandum of Understanding executed November 22, 2004.
Body
WHEREAS, by its Ordinance 0349-2005 passed April 4, 2005 (the “TIF Ordinance”), this Council established the Hayden Run North & Hayden Run South Tax Increment Finance Areas (the “TIF Areas”) pursuant to Section 5709.40(C) of the Ohio Revised Code, declared 100% of the increase in assessed value of certain parcels located within that Incentive Area (which increase in assessed value is referred to as the “Improvement,” as further defined in Section 5709.40(A) of the Ohio Revised Code) to be a public purpose and exempt from real property taxation, provided for the owner of certain parcels to make annual service paym...
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