Explanation
BACKGROUND:
The Department of Development is proposing to establish an incentive district under Section 5709.40 (C) of the Ohio Revised Code. The proposed district includes portions of the Brewery District neighborhood located south of downtown Columbus. One of the prerequisites for the creation of an incentive district is the adoption, by the City Council, of a written economic development plan for the incentive district. The Economic Development Plan for the Brewery District Incentive District has been prepared to enable the creation of the proposed incentive district and is the subject of this ordinance.
FISCAL IMPACT:
No funding is required for this legislation.
Title
To adopt the Economic Development Plan for the Brewery District Incentive District as a guide for future economic development and in support of a tax increment financing district; and to declare an emergency.
Body
WhEREAS, Ohio Revised Code Section 5709.40 provides that the Council for the City of Columbus, Ohio (the "City") may, under certain circumstances, create an incentive district and declare improvements to parcels of real property located in the incentive district to be a public purpose, thereby exempting those improvements from real property taxation, specify the life of the incentive district, specify public improvements that will benefit or serve those parcels, provide for payments in lieu of taxes by the owners of the parcels, and establish a municipal public improvement tax increment equivalent fund; and
WHEREAS, an incentive district, as defined in Ohio Revised Code Section 5709.40(A)(5), means an area not more than three hundred acres in size enclosed by a continuous boundary and having one or more distress characteristics; and
WHEREAS, one of the distress characteristics specified in Ohio Revised Code Section 5709.40(A)(5)(f) is the certification by the engineer for the City that the public infrastructure serving the district is ...
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