City of Columbus - File #: 1159-2005

• File #: 1159-2005
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 6/16/2005
• In control: Development Committee
• On agenda: 7/11/2005
• Final action: 7/14/2005
• Title: An ordinance creating three tax increment financing incentive districts pursuant to Section 5709.40(C) of the Revised Code; creating two TIF areas pursuant to Section 5709.40(B) of the Revised Code; declaring improvements to the real property located in the incentive districts and TIF areas to be a public purpose; exempting from real property taxation 100 percent of those improvements; requiring the owners thereof to make service payments in lieu of taxes; establishing municipal public improvements tax increment equivalent funds for the deposit of the service payments collected from the incentive district and TIF area property owners; protecting the school districts serving the incentive districts and TIF areas against any loss of tax revenue as a result of the exemptions granted by this Ordinance; describing the public infrastructure improvements to be made within the incentive districts and TIF areas; and authorizing the execution of a tax increment financing agreement with respect t...

Date	Ver.	Action By	Action	Result
7/14/2005	1	ACTING CITY CLERK	Attest
7/13/2005	1	MAYOR	Signed
7/11/2005	1	Columbus City Council	Approved	Pass
7/11/2005	1	COUNCIL PRESIDENT PRO-TEM	Signed
6/27/2005	1	Columbus City Council	Read for the First Time
6/23/2005	1	Dev Drafter	Sent to Clerk's Office for Council
6/22/2005	1	Dev Drafter	Sent for Approval
6/22/2005	1	CITY ATTORNEY	Reviewed and Approved
6/22/2005	1	Dev Drafter	Sent to Clerk's Office for Council
6/22/2005	1	City Clerk's Office	Sent back for Clarification/Correction
6/21/2005	1	Dev Drafter	Sent for Approval
6/21/2005	1	DEVELOPMENT DIRECTOR	Reviewed and Approved

Explanation

Background: The Department of Development is proposing the establishment under Section 5709.40(B) of the Revised Code of two tax increment financing (TIF) areas, and under Section 5709.40(C) of the Revised Code of three tax increment financing incentive districts on East Broad Street from Taylor Station Road to Waggoner Road.

The attached ordinance establishes the TIF areas and those incentive districts and provides for a 100% exemption on all development within the TIF areas and the incentive districts for a period of not more than 30 years. Annual service payments in lieu of taxes with respect of development within the TIF areas and the incentive districts will be paid into five separate TIF Funds, each established in this ordinance. It is important to note that the Columbus City School District, Reynoldsburg City School District, Jefferson Township-Licking Heights School District, and Gahanna-Jefferson City School District will each receive, at the same time, and in the same manner as usual, all monies that it would have received in real property taxes had the TIF exemptions not been granted. Revenue derived from the service payments in lieu of taxes from the TIF areas will be used to fund various public improvements benefiting the TIF areas and the East Broad Street corridor. Revenue derived from the service payments in lieu of taxes from the incentive districts will be used to fund public infrastructure improvements benefiting the incentive districts and the East Broad Street corridor.

Fiscal Impact: No funding is required for this legislation. The City is foregoing real property tax revenue that it would have received in respect of development within the TIF areas and incentive districts. Instead, that revenue will be diverted to the specified TIF Fund to be used for public infrastructure improvements benefiting the TIF areas and the incentive districts.


Title

An ordinance creating three tax increment financing incent...