Explanation
Background:
The goal of a Community Reinvestment Area is neighborhood revitalization and stabilization.
This Ordinance will create the Gibbard Avenue Community Reinvestment Area (see Exhibit B) and provide for real property tax exemptions for residentially zoned parcels within the area.
The Ordinance will provide an exemption from the increase in real property tax for new single family homes built on vacant lots and on the increase in valuation of existing single and multi-family housing units, resulting from renovation, within the established boundaries.
Construction start is scheduled for April 2004 necessitating this ordinance as emergency, due to the fact that the approval period of the Ohio Department of Development Office of Tax Incentives is 45-60 days and no construction can begin until ODOD approves the CRA petition.
Fiscal Impact:
No funding is required for this legislation.
Title
To create the Gibbard Avenue Community Reinvestment Area; to authorize real property tax exemptions as established in Section
3735.65 to 3735.70 of the Ohio Revised Code; and to declare an emergency. (AMENDED BY ORD. 1685-2010 PASSED 12/06/2010)
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, 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 (see Exhibit A) as required by Ohio Revised Code (ORC) Section 3735.66 has been prepared and included in this proposed Community Reinve...
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