City of Columbus - File #: 0671-2004

• File #: 0671-2004
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 3/29/2004
• In control: Development Committee
• On agenda: 4/26/2004
• Final action: 4/28/2004
• Title: An ordinance declaring improvements to certain parcels of real property within the area known as the former AC Humko site, 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, and describing the improvements to be made. ($0) (AMENDED BY ORD. 1842-2005 PASSED 12/12/2005)

Date	Ver.	Action By	Action	Result
4/28/2004	1	CITY CLERK	Attest
4/27/2004	1	MAYOR	Signed
4/26/2004	1	Columbus City Council	Approved	Pass
4/26/2004	1	COUNCIL PRESIDENT	Signed
4/19/2004	1	Columbus City Council	Read for the First Time
4/9/2004	1	City Clerk's Office	Sent back for Clarification/Correction
4/9/2004	1	Dev Drafter	Sent to Clerk's Office for Council
4/7/2004	1	City Clerk's Office	Sent back for Clarification/Correction
4/7/2004	1	Dev Drafter	Sent to Clerk's Office for Council
4/5/2004	1	Dev Drafter	Sent for Approval
4/5/2004	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
4/5/2004	1	Dev Drafter	Sent for Approval
4/5/2004	1	CITY ATTORNEY	Reviewed and Approved
4/5/2004	1	Dev Drafter	Sent to Clerk's Office for Council

Explanation

BACKGROUND: The purpose of this ordinance is to declare improvements to certain parcels of real property within the area known as the former AC Humko site to be for a public purpose in order to create a Tax Increment Finance (TIF) district and authorize the Director of the Department of Development to execute a Development Agreement for the proposed TIF district.

Royal Tallow Holdings Ltd. intends to redevelop the former AC Humko site, at 525 West 1st Avenue, into approximately 222 apartments, 62 condominiums and 41 single-family homes. Royal Tallow has been working extensively with residents of the Harrison West neighborhood of Columbus over the past 12 months to ensure community input and receive neighborhood support. Also, the Department of Development was recently successful in obtaining a $3 million Clean Ohio Brownfield Redevelopment Grant to undertake site clean up and prepare for redevelopment construction.

The City and Royal Tallow Holding Ltd. desire to enter into a TIF and Development Agreement under ORC Section 5709.41 to pay for infrastructure and other development costs associated with the former AC Humko site. Under Ordinance No. 0669-2004, the City agreed to acquire title to the property which comprises the former AC Humko 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 and 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.

FISCAL IMPACT: No funding is required for this legislation.




Title

An ordinance declaring improvements to certain parcels of real property within the area known as the former AC Humko site, to be a public purpose, requiring the owners thereof to make service payme...