Explanation
Background: The goal of a Community Reinvestment Area (CRA) is neighborhood revitalization and stabilization.
This ordinance creates the Short North Community Reinvestment Area and provides for real property tax exemptions for residentially and commercially zoned and used parcels within the area. In order to further the goal of neighborhood revitalization and stabilization, this ordinance recommends absorbing the existing Second and High Community Reinvestment Area passed by Ordinance 1685-2009 and the Hubbard and High Community Reinvestment Area amended by Ordinance 1153-2009 into the Short North Community Reinvestment Area.
The ordinance provides for exemption from an increase in real property tax for construction of new, owner-occupied, single family homes built on vacant lots, construction of new owner-occupied multi-family housing, construction of new rental housing, construction of new commercial structures, on the increase in valuation of building conversions from commercial use to residential use; and on the increase in property taxes due to the renovation of existing single and multi-family housing units, within the established boundaries.
The ordinance is presented as an emergency to allow for multiple renovation and construction projects to be included in the CRA while under construction. Allowing projects to participate in the tax incentive program will facilitate completion and promote sales.
Fiscal Impact: No funding is required for this ordinance.
Title
To create the Short North Community Reinvestment Area and to authorize real property tax exemptions as established in the Ohio Revised Code; and to declare an emergency.
Body
WHEREAS, the council of the City of Columbus (hereinafter "Council") desires to pursue reasonable and legitimate incentive measures to assist and encourage development in specific areas of the City of Columbus that have not enjoyed benefit of reinvestment from remodeling or new construction;...
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