Explanation
In 2018, the City adopted a new residential Community Reinvestment Area policy based on the 2016 study from HR&A that evaluated the effectiveness of real property tax abatements. Chapter 4565 of the City Code was established by Ordinance 2184-2018 that outlines the requirements for eligibility to apply for residential tax abatements. Chapter 4565 of the City Code also requires the City to evaluate the policy and CRA categorization every 3 years. The Brookwood CRA needs to be updated to reflect the recent changes made to Chapter 4565 of the City’s Code. This ordinance will modify the Brookwood Community Reinvestment Area by authorizing modifications that align with the updates to Chapter 4565 of the Columbus City Code.
Title
To amend the Brookwood Community Reinvestment Area to make modifications to align with the updates located in Chapter 4565 of the Columbus City Code.
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, 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, Ordinance 1506-2021 created the Brookwood Community Reinvestment Area and authorized real property tax exemptions within it, as provided per Ohio Revised Code; and
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, in 2018 the City developed an incentive policy to encourage development of affordable housing through targeted economic development incentives, including real property t...
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