Explanation
Background:
The goal of a Community Reinvestment Area is neighborhood revitalization and stabilization.
This Ordinance will create the Oak Street Community Reinvestment Area (Exhibit B) and provide for real property tax exemptions for residentially-zoned and used parcels within the area.
The Ordinance will provide an exemption from the increase in real property tax for new single family homes built on vacant lots, on new owner-occupied multi-family housing and on the increase in valuation of existing single and multi-family housing units, resulting from renovation, within the established boundaries.
Fiscal Impact:
No funding is required for this legislation.
Title
To create the Oak Street Community Reinvestment Area and to authorize real
property tax exemptions as established in Section 3735.65 to 3735.70 of the
Ohio Revised Code.
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, as amended by Ordinance No. 1345-02, approved July 29, 2003, 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 (Exhibit A-1) as required by Ohio Revised Code (ORC) Section 3735.66 has been prepared and included in this proposed Community Reinvestment Area; and
WHEREAS, the remodeling of existing buildings for residential use and construction of new 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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