Explanation
BACKGROUND: This Ordinance will create the Wilson Road Community Reinvestment Area (see Exhibit A) and provide for a 75% real property tax exemption for residentially- zoned parcels within the area. Exemption will be limited to the construction of new multi-unit residential properties of 15 units or more, designated to the housing of senior citizens, consistent with the applicable zoning regulations. In particular, National Church Residences will construct 100 units of senior housing.
The goal of designating a Community Reinvestment Areas is neighborhood revitalization and stabilization. The designation will increase housing for the elderly within the City.
FISCAL IMPACT: No fiscal impact. No funding is required for this legislation.
Title
To create the Wilson Road Community Reinvestment Area and to authorize real property tax exemptions as established in Section 3735.65 to 3735.70 of the Ohio Revised Code; and to declare and emergency.
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 3735.70 of the Ohio Revised Code, and approved certain administrative procedures for the program; and
WHEREAS, a survey of housing (see Exhibit A) as required by Ohio Revised Code (ORC) Section 3735.66 has been prepared and included in this proposed Community Reinvestment Area; and
WHEREAS, the construction of new multi-unit residential structures in this Community Reinvestment Area would serve to encourage economic stability, maintain real property values, and generate new employment opportunities; and
WHER...
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