Explanation
Background: The Columbus City Council passed Ordinance 2117-2005 on December 14, 2005 establishing ten tax increment financing districts, one of which is known as the Albany Crossing TIF District (TIF District) benefiting parcels near Warner Road and Central College Road pursuant to Section 5709.40(C) of the Ohio Revised Code. The property owner, Dominion Homes, Inc. filed exemption applications for all parcels in the TIF District and exemptions were granted by the Ohio Department of Taxation by DTE case number ME-4715 and DTE case number ME-4719. Subsequently, Dominion Homes, Inc. donated two parcels numbered 010-290557 and 010-290558 within the TIF District, to the City of Columbus for parkland. The City of Columbus desires to file an application to exempt the donated parcels under Section 5709.08, of the Ohio Revised Code, public purpose. However, under Ohio Revised Code 5709.911, if the owner of the property files the exemption application, and if more than one real property tax exemption applies by law to the property or a portion of the property, no other exemption shall be granted for the portion already exempt under 5709.40 of the Ohio Revised Code unless the municipality that enacted the authorizing ordinance for the earlier exemption provides its duly authorized written consent to the subsequent exemption by means of an ordinance or resolution satisfying the provisions of Ohio Revised Code 5709.911(B)(1). This Ordinance will provide duly authorized written consent to the subsequent exemption.
Fiscal Impact: No City funding is required for this legislation.
Title
To provide duly authorized consent satisfying Ohio Revised Code 5709.911 (B)(1) allowing a subsequent exemption to be granted in the Albany Crossing TIF District so that the City may be 100% exempt from taxation and service payments for donated parcels of parkland; and to declare an emergency.
Body
WHEREAS, Sections 5709.40 (C), 5709.42 and 5709.43 of the Ohio Revised Cod...
Click here for full text