Explanation
Background: The Columbus City Council passed Ordinance 1189-2009 on September 14, 2009, establishing three residential tax increment financing incentive districts in the Gay Street neighborhood in the City pursuant to Section 5709.40(C) of the Ohio Revised Code. The attached Ordinance approves and authorizes a tax increment financing and cooperative agreement by and among the City of Columbus, One Neighborhood New Community Authority, and Gay Street Condominium, LLC, to provide for the construction and financing of certain improvements within and around those incentive districts.
Emergency action is required in order to facilitate the continuing development of the parcels.
Fiscal Impact: No City funding is required for this legislation.
Title
To approve and authorize the execution of a tax increment financing and cooperative agreement by and among the City of Columbus, One Neighborhood New Community Authority, and Gay Street Condominium, LLC, to provide for the construction and financing of improvements within and around the three residential tax increment financing districts created by Ordinance 1189-2009, passed by the City Council on September 14, 2009; and to declare an emergency.
Body
WHEREAS, Sections 5709.40(C), 5709.42 and 5709.43 of the Ohio Revised Code authorize this Council, by ordinance, to create one or more incentive districts within the corporate boundaries of the City of Columbus, Ohio (the "City"), and declare the improvement to each parcel of real property located within each incentive district to be a public purpose and exempt from taxation, require the owner of each parcel to make service payments in lieu of taxes, and specify public infrastructure improvements made, to be made or in the process of being made that directly benefit or serve, or that once made will directly benefit or serve, parcels in the incentive districts; and
WHEREAS, pursuant to Ordinance 1189-2009, passed on September 14, 2009 ...
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