Explanation
Background: The goal of a Community Reinvestment Area is neighborhood revitalization and stabilization.
The Columbus City Council has previously by its Ordinance 1939-2006, passed November 6, 2006, created the Weinland Park-University/Area F Community Reinvestment Area (CRA) and authorized a 10-year, 100% real property tax abatement for the remodeling of specified residential properties, a 12-year, 100% real property tax abatement for the remodeling of specified residential properties, and a 15-year, 100% real property tax abatement for the construction of new owner-occupied dwellings within that CRA, with eligibility for those exemptions under that ordinance terminating on December 31, 2011. The City subsequently entered into an Economic Development Agreement with Wagenbrenner Development, Inc., dated August 29, 2008, by which the City agreed to amend Ordinance 1939-2006 to authorize a 15-year, 100% real property tax abatement for the construction of new rental housing located on those parcels, and to extend the eligibility for abatements under that ordinance until December 31, 2020. This Ordinance implements those amendments pursuant to the Economic Development Agreement.
Emergency action is requested so that current residential tax abatement applications from eligible property owners can continue to be processed.
Fiscal Impact: None. No City funding is required for this legislation.
Title
To amend Ordinance 1939-2006 creating the Weinland Park-University/Area F Community Reinvestment Area to authorize a 15-year, 100% real property tax exemption for the construction of new rental housing located on the former Columbus Coated Fabrics site and certain adjacent property and to extend the eligibility for exemptions under that ordinance until December 31, 2023; and to declare an emergency.
Body
WHEREAS, the Council of the City of Columbus (hereinafter “Council”) desires to pursue reasonable and legitimate incentive measures to assist and e...
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