Explanation
Background:
This Ordinance amends Ordinance Number1139-02, the South of Main/Area E Community Reinvestment Area (see Exhibit B) and provides for real property tax exemptions for residentially zoned parcels within the expansion area.
The goal of designating Community Reinvestment Areas, known as Neighborhood Investment Districts, is neighborhood revitalization and stabilization. The designation will help to stabilize and increase school enrollment and increase the supply of affordable multi-family housing in the City.
Fiscal Impact:
No fiscal impact.
Title
To amend Ordinance Number 1139-02, the South of Main/Area E Community Reinvestment Area; and to authorize real property tax exemptions as established in Section 3735.65 to 3735.70 of the Ohio Revised Code. (AMENDED BY ORD. 1937-2006 PASSED 11/06/2006)
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 reinvestment from remodeling or new construction; and
WHEREAS, Resolution No. 1698-78, approved August 3, 1978, 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 (see Exhibit A) as required by Ohio Revised Code (ORC) Section 3735.66 has been prepared and included in this proposed Community Reinvestment Area; and
WHEREAS, the remodeling of existing and construction of new residential structures in this Community Reinvestment Area would serve to encourage economic stability, maintain real property values, and generate new employment opportunities; and
WHEREAS, the remodeling of existing and the construction of new residential structures in this Community Reinvestment Area constitutes a public pur...
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