City of Columbus - File #: 2041-2006

• File #: 2041-2006
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 11/7/2006
• In control: Jobs and Economic Development Committee
• On agenda: 11/20/2006
• Final action: 11/22/2006
• Title: To authorize the Director of Development to sign and submit applications for exemptions on behalf of real property owners located in the Short North Incentive District created by Ordinance No. 2172-2005; and to declare an emergency.

Date	Ver.	Action By	Action	Result
11/22/2006	1	CITY CLERK	Attest
11/21/2006	1	MAYOR	Signed
11/20/2006	1	Columbus City Council	Approved	Pass
11/20/2006	1	COUNCIL PRESIDENT	Signed
11/16/2006	1	City Clerk's Office	Sent back for Clarification/Correction
11/16/2006	1	Dev Drafter	Sent to Clerk's Office for Council
11/9/2006	1	CITY ATTORNEY	Reviewed and Approved
11/9/2006	1	Dev Drafter	Sent to Clerk's Office for Council
11/8/2006	1	Dev Drafter	Sent for Approval
11/8/2006	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
11/8/2006	1	Dev Drafter	Sent for Approval

Explanation

BACKGROUND: The Department of Development submitted ordinance 2172-2005, passed December 12, 2005, for the establishment of a tax increment financing district in the Short North area. The above legislation falls under Section 5709.40 (C) of the Revised Code.

The Council of the City of Columbus held a public hearing on October 10, 2006, pursuant to Ohio Revised Code 5709.40 (C), to notify property owners within the incentive district of their intent to apply for exemption from taxation, Code Section 5709.911, on their behalf. This legislation will confirm the intentions of Ordinance No. 2172-2005, passed December 12, 2005, and allow the Department of Development to initiate the application process for tax exempt status for the owners of real property within the Short North tax incentive district.

Emergency action is requested to allow the Development Department to initiate the tax exemption process in a timely manner.

FISCAL IMPACT: No funding is required for this legislation. The City is forgoing real property tax revenues that it would have received in respect to development within the incentive district. Instead, that revenue will be diverted to the specified TIF Fund to be used for public infrastructure improvements benefiting the incentive district.



Title

To authorize the Director of Development to sign and submit applications for exemptions on behalf of real property owners located in the Short North Incentive District created by Ordinance No. 2172-2005; and to declare an emergency.



Body

WHEREAS, pursuant to Ohio Revised Code Sections 5709.40, 5709.42 and 5709.43 (collectively, the "TIF Statutes") and Ordinance No. 2172-2005 (the "TIF Ordinance"), the City created an incentive district for parcels of real property located in the City, known as the Short North Incentive District (the "Incentive District"), declared the Improvements (as defined in Ohio Revised Code Section 5709.40(A)) to each parcel of real p...