Explanation
Background: The Department of Development is proposing the establishment of an incentive district, a type of tax increment financing (TIF) district, encompassing certain areas in the Alum Creek Drive-Watkins Road area (the "Alum Creek-Watkins Road" TIF). The Alum Creek-Watkins Road TIF will benefit affordable single family, multifamily and senior housing facilities to be constructed by three developers: Beazer Homes, L&W, and Volunteers of America .This development was prepared and assembled by the Columbus/Franklin County Affordable Housing Trust Corporation. Revenue from the Alum Creek-Watkins Road TIF will be utilized to fund street improvements, and utility improvements within the public right of way, and acquisition of public green space. The Columbus City School District will receive at the same time and in the same manner as usual, all monies that it would receive in real property taxes if this TIF was not created.
Fiscal Impact: The Department has developed a financing plan that will use non-school TIF revenues, and private financing to provide improvements to support affordable single family, multifamily and senior housing facilities. The City is foregoing real property tax revenue it would have received, and instead, the revenue will be diverted to a municipal TIF account in addition to other non-school real property revenue.
Title
An ordinance establishing a Tax Increment Finance incentive district and declaring improvements to certain parcels of real property to be a public purpose, describing the public infrastructure improvements to be made to benefit those parcels, requiring the owners thereof to make service payments in lieu of taxes, establishing a municipal public improvement tax increment equivalent fund for the deposit of such service payments, protecting the Columbus City School District against any loss of revenue; and to declare an emergency.
Body
WHEREAS, to carry out its public purpose of encoura...
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