Explanation
BACKGROUND: This Ordinance will amend the Hilltop/Area D Community Reinvestment Area (see Exhibit A) and provide for real property tax exemptions for residentially-zoned parcels within the expansion area. The amendment will expand the boundaries of the existing Community Reinvestment Area by adding approximately 23 acres of vacant land to the existing area.
The goal of expanding the Community Reinvestment Areas, known as Hilltop/Area D, is continued neighborhood revitalization and stabilization. The expansion will help to stabilize and increase school enrollment and increase homeownership in the City.
This legislation will provide an exemption from real property tax on the increased real property valuation for new single- family homes built on vacant land.
Subsequent to the effective date of this legislation, all residential investment delineated within this legislation and completed December 2003 through December 31, 2006, will be eligible to apply for property tax abatement. Participation in this program shall be by formal Application, submitted to the Development Department, Housing Division.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend the Hilltop/Area D Community Reinvestment Area by adding an additional twenty three (23) acres of vacant land and to authorize real property tax exemptions as established in Section 3735.65 to 3735.70 of the Ohio Revised Code; and to declare an emergency. (AMENDED BY ORD. 1941-2006 PASSED 11/06/2006)
Body
WHEREAS, the council of the City of Columbus (hereinafter "Council") desires to pursue reasonable and legitimate incentive measures to assist and encourage development in specific areas of the City of Columbus that have not enjoyed reinvestment from remodeling or new construction; and
WHEREAS, Resolution No. 1698-78, approved August 3, 1978, authorized the Department of Development to carry out a Community Reinvestment Program, pursuant to Sections 3735.65 to 37...
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