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 the Crosswoods area located in Far North Columbus. One of the prerequisites for the creation of an incentive district is adoption by the City Council of a written economic development plan for the incentive district.
FISCAL IMPACT:
No funding is required for this legislation.
Title
An ordinance adopting the Crosswoods Central Park Economic Development Plan as a guide for future economic development and in support of a tax increment financing district.
Body
WHEREAS, the Planning Division of the Department of Development has studied the Crosswoods area and prepared the Crosswoods Central Park Economic Development Plan; and
WHEREAS, recommendations included in the Crosswoods Central Park Economic Development Plan address land use, housing and public infrastructure; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Crosswoods Central Park Economic Development Plan is hereby adopted by adopted by this Council.
Section 2. That the Department of Development and all department and divisions of the City administration are hereby authorized and directed to use the Crosswoods Central Park Economic Development Plan to initiate projects that will implement the provisions of the plan, including the establishment of a tax increment financing district to provide financing for public infrastructure improvements.
Section 3. That copies of the Crosswoods Central Park Economic Development Plan shall be kept on file in the Department of Development, Planning Division.
Section 4. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.