Explanation
BACKGROUND:
The Department of Development is proposing the establishment of incentive districts under Section 5709.40(C) of the Ohio Revised Code. The proposed districts are in the Northeast planning area. One of the prerequisites for the creation of incentive districts is adoption by City Council of a written Economic Development Plan.
FISCAL IMPACT:
No funding is required for this legislation.
Title
An ordinance adopting the Northeast Planning Area Economic Development Plan as a guide for future economic development and in support of tax increment financing districts.
Body
WHEREAS, Section 5709.40 of the Ohio Revised Code authorizes the legislative authority of a municipal corporation to create, by ordinance, incentive districts and declare improvements within the districts to be of public purpose; and
WHEREAS, any 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 Northeast planning area and prepared the Northeast Planning Area Economic Development Plan; and
WHEREAS, recommendations included in the Northeast Planning Area 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; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Northeast Planning Area Economic Development Plan is hereby adopted by this Council.
Section 2. That the Department of Developm...
Click here for full text