City of Columbus - File #: 0260-2008

• File #: 0260-2008
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 2/4/2008
• In control: Development Committee
• On agenda: 2/25/2008
• Final action: 2/28/2008
• Title: An ordinance creating a TIF area pursuant to Section 5709.40(B) of the Ohio Revised Code; declaring improvements to certain parcels of real property located in the TIF area to be a public purpose; exempting from taxation one hundred percent (100%) of those improvements; requiring the owners of those parcels to make service payments in lieu of taxes; providing for the distribution of service payments to the Columbus City School District in the amounts it would have received in real property taxes had the TIF exemption not been granted; establishing a tax increment equivalent fund for the deposit of the remainder of those service payments collected from the TIF area property owners; specifying the public infrastructure improvements to be made within the TIF area that directly benefit the real property; approving and authorizing the execution of a tax increment financing agreement with respect to the TIF area; and declaring an emergency.

Date	Ver.	Action By	Action	Result
2/28/2008	1	CITY CLERK	Attest
2/27/2008	1	MAYOR	Signed
2/25/2008	1	Columbus City Council	Approved	Pass
2/25/2008	1	COUNCIL PRESIDENT	Signed
2/21/2008	1	City Clerk's Office	Sent back for Clarification/Correction
2/21/2008	1	Dev Drafter	Sent to Clerk's Office for Council
2/5/2008	1	CITY ATTORNEY	Reviewed and Approved
2/5/2008	1	Dev Drafter	Sent to Clerk's Office for Council
2/4/2008	1	Dev Drafter	Sent for Approval
2/4/2008	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
2/4/2008	1	Dev Drafter	Sent for Approval

Explanation

BACKGROUND: The Department of Development is proposing the establishment of a Rickenbacker West tax increment financing (TIF) area pursuant to Section 5709.40(B) of the Ohio Revised Code in the southeast area of Columbus.

The attached Ordinance establishes that TIF area and provides for one hundred percent (100%) exemption on all development within the TIF area for a period of not more than thirty (30) years. It is important to note that the Columbus City School District will receive, in the same manner as usual, all amounts that it would have received in real property taxes had the TIF exemption not been granted. Subject to other tax exemptions approved by the City pursuant to Sections 3735.65 through 3735.70 or 5709.61 through 5709.69 of the Ohio Revised Code, annual service payments in lieu of taxes will be made with respect to new private development within the TIF area. The applicable portion of those service payments will be distributed directly to the Columbus City School District, with the remaining non-school portion of those service payments paid to the City for deposit into the TIF fund established in the Ordinance to be used to fund public improvements benefiting the TIF area.

FISCAL IMPACT: No funding is required for this legislation. The City is foregoing real property tax revenue that it would have received with respect to development within the TIF area. Instead, the non-school share of that revenue will be diverted to the specified TIF fund to be used for public infrastructure improvements benefiting the TIF area.


Title

An ordinance creating a TIF area pursuant to Section 5709.40(B) of the Ohio Revised Code; declaring improvements to certain parcels of real property located in the TIF area to be a public purpose; exempting from taxation one hundred percent (100%) of those improvements; requiring the owners of those parcels to make service payments in lieu of taxes; providing for the distribution of service p...