Explanation
BACKGROUND:West Edge Business Center has been in operation for 3 years since the former Sullivant Gardens housing site was acquired and converted for business use. It is anticipated that up to 1,200 jobs will be located at the site at the end of its 7 year build out period.
The City and Columbus Urban Growth Corporation desire to enter into a Tax Increment Financing (TIF) and Development Agreement under Ohio Revised Code Section 5709.41 to pay for infrastructure and other development costs associated with West Edge Center. Under Ordinance No. 2632-2003, passed on December 8, 2003 by the Columbus City Council, the City agreed to acquire title to the property which comprises West Edge Business Center and transfer title back to the current property owners in order to comply with the requirements for an O.R.C. Section 5709.41 TIF.
This ordinance continues the process of establishing the TIF by: establishing that improvements to the site are for a public purpose, requiring the owners to make service payments in lieu of taxes while establishing an urban redevelopment tax increment equivalent fund for the deposit of such service payments and authorizing the Director of Development to execute a TIF and Development Agreement.
FISCAL IMPACT: No funding is required for this legislation.
Title
An ordinance declaring improvements to certain parcels of real property to be a public purpose, requiring the owners thereof to make service payments in lieu of taxes, establishing an urban redevelopment tax increment equivalent fund for the deposit of such service payments, describing the improvements to be made, and authorizing the Director of Development to execute the Tax Increment Financing and Development Agreement; and to declare an emergency.
Body
WHEREAS, the City is committed to improving existing neighborhoods and providing quality commercial development to support the neighborhoods; and
WHEREAS, Columbus Urban Growth Corporat...
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