Explanation
Background: Community Reinvestment Areas (CRA) have been designated by the City Council under the General Policy guidelines of Ordinance 1698-78. Such areas allow for the granting of real property tax abatements to encourage industrial and commercial development.
This Ordinance will authorize the Cassady/I-670 CRA to be established and will provide the City the ability to offer real property tax exemptions for parcels within the area (depicted in Exhibit A). The exemptions will be available to attract the new construction of commercial or industrial facilities and will be negotiated on a case-by-case basis in advance of construction. The exemptions may be up to 50%, and for up to 12 years for buildings in the project area which meet the minimum level of Leadership in Energy and Environmental Design (LEED) certification, and will be subject to individual project approval by City Council. Residential uses will not be eligible for exemptions.
The proposed new CRA is located outside the City's existing enterprise zone and cannot readily be added to that zone. A business has expressed interest in developing a commercial/industrial project in the area, contingent on the availability of real property tax incentives. The Department of Development would like to be able to offer real property tax incentives to attract this project and thus is proposing establishment of the new CRA. (City Council approval of a specific tax abatement for this project will be sought in a separate piece of legislation, once the CRA district is certified by the Ohio Department of Development.)
Fiscal Impact: No funding is required for this legislation.
Title
To establish the Cassady/I-670 Community Reinvestment Area and to authorize real property tax exemptions as established by Sections 3735.65 through 3735.70 of the Ohio Revised Code; and to declare an emergency.
Body
WHEREAS, the Columbus City Council desires to pursue all reasonabl...
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