Explanation
Background: The purpose of this Ordinance is authorize the City of Columbus (the "City") to enter into a tax increment financing agreement with Grange Mutual Casualty Company (the "Company") in connection with tax increment financing ("TIF") passed by City Council pursuant to R.C. Section 5709.40(C). In Ordinance No. 1721-2005, the City declared the increase in the assessed value of certain parcels of real property located in the City to be a public purpose and exempt from real property taxation for a period of 30 years.
The Company plans to construct certain public infrastructure improvements on City-owned land, which land is located adjacent to the Company's current facilities and is located in or adjacent to the TIF created by Ordinance No. 1721-2005. The purpose of the tax increment financing agreement is to (i) provide for the collection and use of payments in lieu of taxes and (ii) enable the Company to be reimbursed using TIF funds for any public infrastructure improvements constructed by the Company.
Fiscal Impact: No funding is required for this legislation.
Title
An ordinance authorizing the Director of the Department of Development to execute a Tax Increment Financing Agreement with Grange Mutual Casualty Company in connection with Ohio Revised Code Section 5709.40 Tax Increment Financing.
Body
WHEREAS, the City, by its Ordinance No. 1721-2005 (the "TIF Ordinance"), created an incentive district (the "Incentive District") pursuant to Ohio Revised Code ("R.C.") Section 5709.40(C) and declared that 100% of the increase in the assessed value of the parcels of real property described in the TIF Ordinance (the "Property", with each parcel of the Property referred to herein as a "Parcel") located within the Incentive District (which increase in assessed value is an "Improvement" as defined in R.C. Section 5709.40 and as further defined in the TIF Ordinance, but which Improvement shall not include any "CRA Exempte...
Click here for full text