Explanation
Background: The purpose of this ordinance is to declare improvement to certain parcels of real property within the City of Columbus to be a public purpose and exempt from real property taxation pursuant to R.C. Section 5709.41.
Grange Mutual Casualty Company ("Grange") plans to construct a 1,050 space parking garage and approximately 15,000 square feet of office space on certain parcels of real property in the City at a cost of between $21,500,000 and $23,500,000. This parking garage and office space would be constructed on property (the "Expansion Site") on the opposite side of Sycamore Street from Grange's main office, which is located at 650 South Front Street (the "Front Street Site").
The City and Grange desire to establish, by this ordinance, a TIF for the Expansion Site pursuant to R.C. Section 5709.41, to help pay for certain costs of construction of the combined garage/office structure, while protecting the Columbus City School District from any loss of tax revenues by requiring payments in lieu of taxes to be made to the School District.
The Front Street Site is already subject to a non-school (payments in lieu of taxes are required to be made to the school district) R.C. Section 5709.41 TIF, authorized by Ordinance No. 1724-2005.
Fiscal Impact: No funding is required for this legislation.
Title
An ordinance declaring the improvement of certain real property located in the City of Columbus, Ohio to be a public purpose; declaring such property to be exempt from real property taxation; requiring annual service payments in lieu of taxes; establishing a Grange II Urban Redevelopment Tax Increment Equivalent Fund; authorizing the execution of a Tax Increment Financing Agreement; authorizing use of service payment receipts for costs of private improvements; and providing related authorizations pursuant to Ohio Revised Code Sections 5709.41, 5709.42 and 5709.43.
Body
WHEREAS, the real property shown in Exhi...
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