Explanation
Background
The goal of a Community Reinvestment Area is neighborhood revitalization and stabilization.
This Ordinance will create the Riverside Community Reinvestment Area (the “CRA”), and provide for real property tax exemptions within the area in accordance with Sections 3735.65 to 3735.70 of the Ohio Revised Code. The real property tax exemptions provided herein will be available only for parcels that are residentially zoned, or parcels where residential use is permitted by variance, and only for properties that are actually used for residential purposes.
The Ordinance will provide for exemptions from increases in real property taxation resulting from the construction of new housing, the conversion of buildings from commercial use to residential use, and the renovation of existing single and multi- family housing units, within the established boundaries.
Fiscal Impact: No fiscal impact. No funding is required for this legislation.
Title
To create the Riverside Community Reinvestment Area; to authorize real property tax exemptions as authorized by Sections 3735.65 to 3735.70 of the Ohio Revised Code; and to provide that the City’s existing Community Reinvestment Area Housing Council shall serve as the Housing Council for the Riverside Community Reinvestment Area.
Body
WHEREAS, the City of Columbus has established a goal of fostering private sector investment to build mixed income neighborhoods dispersed throughout the City; and
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 the benefit of reinvestment from remodeling or new construction; and
WHEREAS, Ordinance No. 1698-78, approved by City Council on August 3, 1978, authorized the Columbus Department of Development to implement a Community Reinvestment Program, pursuant to Sections 3735.65 to 3735.70 of...
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