Explanation
Background: In response to a petition from the Department of Development, City Council, by its Ordinance 2172-2005 passed on December 12, 2005, approved the creation of the Short North Incentive District. Service payments in lieu of taxes made with respect to improvements within the Short North Incentive District are diverted to the Short North Tax Equivalent Fund and are intended to finance the creation of up to 500 public parking spaces in the Short North Incentive District to relieve parking overcrowding and spur job creation. A parking study was done in 2005 that identified a need for 500 additional parking spaces in the Short North TIF District. A development has been proposed that would develop 250 of those 500 spaces. The City is committed to working to generate needed parking. This Ordinance approves and authorizes a tax increment financing agreement between the City of Columbus and Pizzuti Short North LLC to provide for the construction and financing of certain improvements within and around that TIF Area.
Fiscal Impact: No City funding is required for this legislation.
Title
To approve and authorize the execution of a tax increment financing agreement between the City of Columbus and Pizzuti Short North LLC to provide for the construction and financing of improvements within and around the Short North Incentive District; and to declare an emergency.
Body
WHEREAS, Sections 5709.40(C), 5709.42 and 5709.43 of the Ohio Revised Code authorized this Council, by ordinance, to declare the improvement to certain parcels of real property located within the corporate boundaries of the City of Columbus, Ohio (the “City”), to be a public purpose and exempt from taxation, require the owner of each parcel to make service payments in lieu of taxes, and specify public infrastructure improvements made, to be made or in the process of being made that directly benefit, or that once made will directly benefit, those parcels; and
WHEREAS, pursuant to Or...
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