Explanation
Background: By its Ordinance No. 2656-2003 passed December 8, 2003, the Columbus City Council established the Rocky Fork Blacklick Incentive District pursuant to Section 5709.40(C) of the Ohio Revised Code, declared the improvements to each parcel located within that incentive district to be a public purpose and exempt from taxation, provided for the owner of each parcel to make annual service payments in lieu of taxes, and provided for the non-school portion of those service payments to be paid to the City for deposit into the Rocky Fork Blacklick Municipal Public Improvement Tax Equivalent Fund (the "TIF Fund") established in that Ordinance No. 2656-2003.
This ordinance provides for the appropriation of monies on deposit in the TIF fund to be used to fund public infrastructure improvements in accordance with that Ordinance No. 2656-2003 and the related Metro Park Development Agreement, which was authorized and approved by Ordinance No. 1262-2007, passed July 30, 2007.
Emergency Justification: Emergency action is requested in order to make necessary disbursements before the year's end.
Fiscal Impact: No additional funding is required for this legislation.
Title
To appropriate monies on deposit in the Rocky Fork Blacklick Municipal Public Improvement Tax Equivalent Fund to be used to fund public infrastructure improvements benefiting or serving the Rocky Fork Blacklick Incentive District and further described in a Metro Park Development Agreement by and among the City, Franklin County Metropolitan Park District, the Board of Trustees of Plain Township, and the Village of New Albany; and to declare an emergency.
Body
WHEREAS, by its Ordinance No. 2656-2003 passed December 8, 2003 (the "TIF Ordinance"), this Council established the Rocky Fork Blacklick Incentive District (the "Incentive District") pursuant to Section 5709.40(C) of the Ohio Revised Code, declared 100% of the increase in assessed value of each parcel loca...
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