Explanation
Background: The purpose of this ordinance is to declare improvements to certain parcels of real property in Downtown Columbus to be a public purpose to allow for the establishment of a non-school tax increment financing (TIF) program with respect to such property.
Authority to create this proposed TIF is provided for under Ohio Revised Code Sections 5709.40(B), 5709.42 and 5709.43.
The proposed TIF is the result of a collaborative effort between the Columbus Department of Development, the Columbus City Auditor's Office and the Columbus Downtown Development Corporation to address future funding needs for public improvements in Downtown Columbus.
The TIF will cover a large area of Downtown Columbus approximately bounded to the north by the Arena District, south by the Brewery District, east by I-71 and west by the Scioto River (Exhibit A) and is targeted to fund a variety of public improvements including parking garages, roadways and parks (Exhibit B) while protecting the Columbus City School District from any loss of tax revenues.
The Columbus City School District will receive a portion of the service payments in lieu of taxes (PILOTs) in an amount equal to the taxes it would receive with no exemption. The remaining PILOTs will be deposited in the Downtown Public Improvement Tax Increment Equivalent Fund (TIF Fund).
Fiscal Impact: There is no funding required for this legislation.
Title
An ordinance creating a Tax Increment Finance district and declaring the improvement of certain real property located in Downtown Columbus to be a public purpose; declaring such property to be exempt from real property taxation; designating improvements to be made that will benefit or serve such property; requiring the owners of such property to make annual service payments in lieu of taxes; establishing the Downtown Public Improvement Tax Increment Equivalent Fund and related authorizations pursuant to the Ohio Revised Code; and to declare an emergency. ...
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