Explanation
Background: The Department of Development is proposing the establishment under Ohio Revised Code Section 5709.40(C) of one or more tax increment financing (TIF) incentive districts in the area of Franklinton including and surrounding Mount Carmel's West Hospital Campus (the "Area") in order to facilitate the development, redevelopment, neighborhood revitalization and infrastructure needs of the Area.
The legislation implementing any TIF incentive district will not be able to be passed prior to January 1, 2006, the date the new TIF law takes effect. In order to preserve the ability for the City to create TIF incentive districts under the existing TIF law, the City and Mount Carmel Health System must enter into an agreement for the development of the projects in the Area. The attached ordinance authorizes the Director of the Department of Development to enter into such an agreement substantially in the form presently on file with the Clerk of Council.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an agreement with Mount Carmel Health Systems providing for the development, redevelopment, neighborhood revitalization and infrastructure improvement needs of the Franklinton area.
Body
WHEREAS, this Council, by its Ordinance 1778-2003 passed on July 21, 2003, adopted The Franklinton Plan as the official policy document for the Franklinton Planning Area (the area generally bounded by the Scioto River on the North, the first set of railroad tracks west of Starling Street on the east, Greenlawn Avenue/City corporate limits/Mound Street on the south, and Central Avenue/I-70 on the west), which plan addresses the development, redevelopment, neighborhood revitalization and infrastructure improvement needs of for that area;
WHEREAS, in an effort to meet these development, redevelopment, neighborhood revitalization and infrastru...
Click here for full text