Explanation
BACKGROUND:West Edge Business Center has been in operation for 3 years since the former Sullivant Gardens housing site was acquired and converted for business use. It is anticipated that up to 1,200 jobs will be located at the site at the end of its 7 year build out period.
The City of Columbus and the Columbus Urban Growth Corporation, desire to create a Tax Increment Financing (TIF) District under Ohio Revised Code Section 5709.41 to pay for certain public infrastructure improvements and to otherwise support the West Edge development while protecting the Columbus Public School District from any loss of tax revenues.
Revised Code ยง 5709.41 requires that the City own the property at some time prior to passing an ordinance to establish the TIF. Therefore, this legislation is necessary to authorize the City to accept title to the land comprising the West Edge Business Center project, and then to transfer the property back to the owners. The TIF ordinance will then be submitted for consideration by the City Council within the next 30 days.
This ordinance is submitted as an emergency to facilitate creation of the TIF.
FISCAL IMPACT:There is no expenditure of City funds associated with the transfer of the property.
Title
To authorize the Director of the Department of Development to execute documents to allow the City to accept title to certain property generally known as West Edge Business Center; to transfer the property back to the original owners; and to declare an emergency.
Body
WHEREAS, the City of Columbus (the "City") is committed to improving existing neighborhoods and providing quality commercial development; and
WHEREAS, Columbus Urban Growth Corporation ("Columbus Urban Growth") proposes to provide commercial uses through the urban redevelopment of the former Sullivant Gardens housing site now commonly referred to as West Edge Business Center (the "Project"); and
WHEREAS, the City desires to support a...
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