Explanation
Background: The purposes of this ordinance are to amend Ordinance No. 1724-2005, in which the City declared improvement to certain parcels of real property to be a public purpose and exempt from taxation pursuant to R.C. Section 5709.41, and to authorize the Director of the Department of Development to enter into a First Amendment to TIF Agreement.
In Ordinance No. 1724-2005, City Council declared improvement to the parcels comprising the Grange Mutual Casualty Company ("Grange") campus to be a public purpose and exempt from taxation. This TIF was structured as a non-school TIF (payments in lieu of taxes are required to be made to the school district). The City and Grange entered into a Tax Increment Financing Agreement (the "TIF Agreement") to provide for service payments in lieu of taxes and the use of the service payments in lieu of taxes. Subsequent to the passage of Ordinance No. 1724-2005 and the execution of the TIF Agreement, Grange determined that a portion of its campus would remain undeveloped, and it would instead construct a parking garage on other parcels of real property north of Sycamore Street. As a result, it is necessary to amend Ordinance No. 1724-2005 to delete certain parcels from the scope of the TIF and to authorize the Director of the Department of Development to enter into a First Amended TIF Agreement.
A separate ordinance is being presented to Council to provide for a new R.C. Section 5709.41 non-school TIF with respect to the parcels north of Sycamore Street owned by Grange.
Fiscal Impact: No funding is required for this legislation.
Title
An ordinance amending ordinance 1724-2005 that declared the improvement of certain real property located in the City of Columbus, Ohio to be a public purpose and provided related authorizations pursuant to Ohio Revised Code Sections 5709.41, 5709.42 and 5709.43; and authorizing the execution of a first amendment to Tax Increment Financing Agreement, related ...
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