Explanation
BACKGROUND: This ordinance authorizes the City Clerk to execute and sign a Petition to initiate the creation of The RiverSouth Authority. The petition is required in order to create a new community authority as provided under Ohio Revised Code Chapter 349.
RiverSouth encompasses several square blocks in the core of Columbus' downtown generally bounded by State Street on the North, Third Street on the East, Mound Street on the South and the Scioto River on the West, all to be developed and redeveloped as part of an area characterized by well-balanced and diversified land use patterns to provide facilities for the conduct of commercial, residential, cultural, educational and recreational activities.
FISCAL IMPACT: No funding is required for this legislation.
Title
An ordinance authorizing the City Clerk to execute and sign on behalf of the City of Columbus and the Columbus City Council the Petition for the creation of The RiverSouth Authority; and to declare an emergency.
Body
WHEREAS, in order to create or preserve jobs and employment opportunities and to improve the economic welfare of the people of the City of Columbus, Ohio (the "City"), the Columbus City Council desires to provide for the redevelopment and revitalization of a certain area situated within the corporate limits of the City, being generally the area of the City's downtown bounded by State Street on the North, Third Street on the East, Mound Street on the South and the Scioto River on the West (the "RiverSouth Area"); and
WHEREAS, in October 2000, the City commissioned a study (the "Study") of the Columbus downtown area to identify redevelopment opportunities and the Ohio General Assembly appropriated $ 1.3 million to pay for that Study; and
WHEREAS, based on the results of the Study, Capitol South Redevelopment Corporation ("Capitol South") initiated the process to develop a Strategic Business Plan for Downtown Columbus (the "Downtown Plan"); and
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