City of Columbus - File #: 2172-2005

• File #: 2172-2005
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 12/9/2005
• In control: Jobs and Economic Development Committee
• On agenda: 12/12/2005
• Final action: 12/14/2005
• Title: An ordinance creating a tax increment financing incentive district pursuant to Section 5709.40(C) of the Revised Code, declaring improvements to the real property located in the incentive district to be a public purpose; exempting from real property taxation 100 percent of those improvements; requiring the owners thereof to make service payments in lieu of taxes; establishing a municipal public improvements tax increment equivalent fund for the deposit of the service payments collected from the incentive district; protecting the city school district serving the incentive district against any loss of tax revenue as a result of the exemptions granted by this Ordinance; describing the public infrastructure improvements to be made within the incentive district; authorizing the execution of a tax increment financing agreement with respect to the incentive district; and to declare an emergency. ($0)

Date	Ver.	Action By	Action	Result
12/14/2005	1	MAYOR	Signed
12/14/2005	1	ACTING CITY CLERK	Attest
12/12/2005	1	Columbus City Council	Approved	Pass
12/12/2005	1	COUNCIL PRESIDENT	Signed
12/9/2005	1	Dev Drafter	Sent for Approval
12/9/2005	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
12/9/2005	1	Dev Drafter	Sent for Approval
12/9/2005	1	CITY ATTORNEY	Reviewed and Approved
12/9/2005	1	Dev Drafter	Sent to Clerk's Office for Council

Explanation

Background: The Department of Development is proposing the establishment under Section 5709.40(C) of the Revised Code of a tax increment financing incentive district in the Short North area.

The attached ordinance establishes an incentive district and provides for a 100% exemption on all development within the incentive district for a period of not more than 30 years. Annual service payments in lieu of taxes with respect of development within the incentive district will be paid into a separate TIF Fund established in this ordinance. It is important to note that the Columbus City School District will receive, at the same time, and in the same manner as usual, all monies that it would have received in real property taxes had the TIF exemption not been granted. Revenue derived from the service payments in lieu of taxes from the incentive district will be used to fund public infrastructure improvements benefiting the incentive district and the Short North area.

Fiscal Impact: No funding is required for this legislation. The City is foregoing real property tax revenue that it would have received in respect of development within the incentive district. Instead, that revenue will be diverted to the specified TIF Fund to be used for public infrastructure improvements benefiting the incentive district.



Title

An ordinance creating a tax increment financing incentive district pursuant to Section 5709.40(C) of the Revised Code, declaring improvements to the real property located in the incentive district to be a public purpose; exempting from real property taxation 100 percent of those improvements; requiring the owners thereof to make service payments in lieu of taxes; establishing a municipal public improvements tax increment equivalent fund for the deposit of the service payments collected from the incentive district; protecting the city school district serving the incentive district against any loss of tax revenue as a result of the e...