Explanation
BACKGROUND: By its Ordinance No. 0260-2008 passed February 25, 2008, the Columbus City Council established the Rickenbacker West tax increment financing (TIF) area pursuant to Section 5709.40(B) of the Ohio Revised Code, declared the improvements to parcels located within that TIF area to be a public purpose and exempt from taxation, provided for the owners of those parcels to make annual service payments in lieu of taxes, and provided for the non-school portion of those service payments to be paid to the City for deposit into the TIF fund established in that Ordinance No. 0260-2008. This ordinance provides for the appropriation of monies on deposit in that TIF fund to be used to fund public improvements in accordance with that Ordinance No. 0260-2008 and the related TIF Agreement.
Emergency Action is requested to facilitate the project in a timely manner.
FISCAL IMPACT: No funding is required for this legislation.
Title
To appropriate monies on deposit in the Rickenbacker Area Public Improvement Tax Increment Equivalent Fund to be used to fund public improvements benefiting the Rickenbacker West tax increment financing area; and to declare an emergency.
Body
WHEREAS, by its Ordinance No. 0260-2008 passed February 25, 2008 (the "TIF Ordinance"), this Council established the Rickenbacker West tax increment financing area (the "TIF Area") pursuant to Section 5709.40(B) of the Ohio Revised Code, declared 100% of the increase in assessed value of the parcels located within that TIF Area (which increase in assessed value is referred to as the "Improvement," as further defined in Section 5709.40(A) of the Ohio Revised Code) to be a public purpose and exempt from real property taxation, provided for the owners of those parcels to make annual service payments in lieu of real property tax payments, including any penalties and interest at the then current rate established under Sections 323.121(B)(1) and 5703.47 of the Ohio Revise...
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