Explanation
BACKGROUND: Community Reinvestment Areas (CRA) have been designated by the City Council under the General Policy Guidelines of Resolution Ordinance 1698-78. Such areas allow for the granting of real property tax abatements to encourage industrial, commercial and residential growth.
This Ordinance will create the AC Humko Community Reinvestment Area (see Exhibit A) and provide for real property tax exemptions for parcels within the areas.
This measure will facilitate the new construction of approximately 300 single-family residential units.
The Columbus Department of Development proposes a real property tax incentive of 75% for 10 years on the construction of approximately 300 new single-family residences. The Columbus School District has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To create the AC Humko Community Reinvestment Area; to authorize real property tax exemptions up to 75% for a term of 10 years on the construction of new single-family residences as established by Sections 3735.65 through 3735.70 of the Ohio Revised Code; and to declare an emergency. (AMENDED BY ORD. 1913-2008 PASSED 12/8/2008)
Body
WHEREAS, City Council desires to pursue all reasonable and legitimate incentive measures to assist and encourage development in a specific area of the City that has not enjoyed reinvestment in historic buildings, remodeling or new construction; and
WHEREAS, Resolution Ordinance No. 1698-78 adopted August 3, 1978, authorized the Department of Development to carry out a Community Reinvestment Program, pursuant to Sections 3735.65 through 3735.70 of the Ohio Revised Code, and approved certain administrative procedures for the program; and
WHEREAS, the Department of Development has received a proposal from Royal Tallow Holdings Ltd. and Harrison Park Development, Ltd. to construct approximately 300 single-family residential units and receive real property tax exemption benef...
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