Explanation
1. BACKGROUND
On December 12, 2005, Columbus City Council approved Ordinance 2117-2005 which established ten tax increment financing (TIF) incentive districts in the northeast area of Columbus (Preserve Incentive District) under Ohio Revised Code Section 5709.40(C). Annual service payments in lieu of taxes with respect to development within these incentive districts are paid into special funds established for the purpose of improving public infrastructure benefiting the incentive district(s).
Improvements to Morse Road, designated as (Arterial Street Rehabilitation - Morse Road-Preserve TIF Improvements Phase 1), will directly benefit parcels within the Preserve Incentive District. The following ordinance authorizes the City Attorney to acquire fee simple title and lesser interests, contract for professional services, and to expend the monies for payment of acquisition costs in connection with the Arterial Street Rehabilitation - Morse Road-Preserve TIF Improvements Phase 1 project out of TIF revenues received from the Preserve Incentive District.
2. Fiscal Impact
Funding is available in the Preserve Incentive Tax Equivalent Fund, pursuant to Ordinance 2117-2005.
3. Emergency Justification:
Emergency action is requested to allow the acquisition of the parcels necessary for this project to proceed without delay thereby allowing this project to move forward as scheduled.
Title
To authorize the City Attorney to acquire fee simple title and lesser interests, contract for professional services, to authorize the appropriation of $65,000.00 from the unappropriated balance in the Preserve Incentive Tax Equivalent Fund; and to expend $65,000.00 from the Preserve Incentive Tax Equivalent Fund for costs in connection with the Arterial Street Rehabilitation - Morse Road-Preserve TIF Improvements Phase 1 project; and to declare an emergency. ($65,000.00).
Body
WHEREAS, on December 12, 2005, Columbus City Council passed Ordinance 2117-2005 w...
Click here for full text