Explanation
BACKGROUND:
The Department of Development is proposing the establishment of an incentive district under Section 5709.40(C) of the Ohio Revised Code. The proposed district is in Hayden Run Corridor area. One of the prerequisites for the creation of an incentive district is adoption by City Council of a written Economic Development Plan.
FISCAL IMPACT: No funding is required for this legislation.
Title
To adopt the Hayden Run Corridor Economic Development Plan as a guide for future economic development and in support of a tax increment financing district and to declare an emergency.
Body
WHEREAS, Section 5709.40 of the Ohio Revised Code authorizes the legislative authority of a municipal corporation to create, by ordinance, an incentive district and declare improvements within that district to be of public purpose; and
WHEREAS, an incentive district must contain distress characteristics which may be defined as inadequate public infrastructure, as evidenced by a written economic development plan; and
WHEREAS, the Planning Division of the Department of Development has studied the Hayden Run area west of I-270 and prepared the Hayden Run Corridor Economic Development Plan, which is itself an outgrowth of the council-adopted 2004 Interim Hayden Run Corridor Plan; and
WHEREAS, recommendations included in the Hayden Run Corridor Economic Development Plan address such issues as growth, land use, parkland, public facilities and infrastructure; and
WHEREAS, through the 21st Century Growth Team process, Columbus has established a new approach to financing public facilities and infrastructure in growth areas, entitled Pay As We Grow, and
WHEREAS, the Pay As We Grow initiative calls for consideration of varied and innovative financing tools including tax increment financing; and now, therefore,
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that i...
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