Explanation
BACKGROUND: The goal of a Community Reinvestment Area is neighborhood revitalization and stabilization.
This Ordinance will amend Ordinance 1501-2007 which created the Oak Street Community Reinvestment Area (see Exhibit B) in order to continue the program, expand the area and to provide for real property tax exemptions for residentially-zoned parcels within the area.
Emergency action is requested so that current residential tax abatement application from eligible property owners can continue to be processed.
FISCAL IMPACT: No funding is required for this legislation.
Title
To renew and expand the Oak Street Community Reinvestment Area 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 reinvestment from remodeling or new construction; and
WHEREAS, Resolution 1698-78, approved August 3, 1978, as amended by Ordinance 1345-02, approved July 29, 2002, authorized the Department of Development to carry out a Community Reinvestment Program, pursuant to Sections 3735.65 to 3735.70 of the Ohio Revised Code, and approved certain administrative procedures for the program; and
WHEREAS, the Oak Street Community Reinvestment Area was created by Ordinance 1501-2007; and
WHEREAS, the Community Reinvestment Area by its enabling legislation expired on December 31, 2012 and incentives for continued residential development are necessary; and
WHEREAS, the State’s Department of Development has requested the inclusion of language within Section 3735.67 of the Ohio Revised Code be added to relevant sections of all Community Reinvestment Area ordinances in order to establish minimum threshold investments for abated properties located within the boundaries of each d...
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