Explanation
BACKGROUND: In late 2002 and early 2003, the Columbus Urban Growth Corporation acquired three parts of the former Northland Mall site from Cigna Insurance, Federated Department Stores and Sears for a total of 84 acres. Working with the
Northland Community Council, Northland Area Business Association and the
Northland Alliance the City and Columbus Urban Growth have worked to develop master plans to redevelop the former mall site into uses, which include office, retail use, educational facilities and park space.
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 the former Northland Mall site. Under Ordinance No. 0482-03 passed on March 31, 2003 by the Columbus City Council, the City agreed to acquire title to the property which comprises the former Northland Mall site 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 TIF and Development Ag...
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