Explanation
Background: The Department of Development is proposing the establishment under Section 5709.40(C) of the Ohio Revised Code of two tax increment financing (TIF) incentive districts in the northwest area of Columbus.
The attached ordinance establishes those incentive districts and provides for a 100% exemption on all development within the incentive district for a period of not more than 30 years. Annual service payments in lieu of taxes with respect to development within the incentive district will be paid into a special TIF Fund. It is important to note that the Columbus City School District will receive at the same time and in the same manner as usual all monies that it would have received in real property taxes had the TIF exemption not been granted. Revenue derived from the service payments in lieu of taxes will be used to fund public infrastructure improvements benefiting the development of approximately 450 acres, which will include the construction of approximately 2,650 residential units (single-family residences, town homes and ranch condominiums) and benefiting commercial development to service the new residential development, and benefiting the Hayden Run Corridor.
Fiscal Impact: The City is foregoing real property tax revenue that it would have received in respect of development within the incentive districts. Instead, that revenue will be diverted to the TIF Fund.
Title
An ordinance creating the Hayden Run Corridor North Incentive District and the Hayden Run Corridor South Incentive District; declaring the increase in assessed valuation of parcels within each Incentive District to be a public purpose; exempting from taxation 100 percent of that increase in assessed valuation; describing the public improvements to be made to benefit those parcels; requiring owners thereof to make service payments in lieu of taxes; establishing municipal public improvement tax increment equivalent funds for the deposit of service payments; and...
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