Explanation
Background: Jeffrey New Day LLC has recently acquired and intends to redevelop the portion of the former Jeffrey Mining site depicted on Exhibit A, located at the southeast corner of Fourth Street and First Avenue, into residential apartments and single family homes. The site is located in an existing tax increment financing (“TIF”) area, which City Council created in 2002 pursuant to Ordinance 0546-2002. The City and Jeffrey New Day LLC desire to create a replacement TIF area to pay for certain infrastructure improvements and to otherwise support the redevelopment, while protecting the Columbus City School District from any loss of tax revenue due to the new TIF. This ordinance removes the unimproved parcels of the former Jeffrey Mining site owned by Jeffrey New Day LLC from the existing TIF area and incorporates them into a new TIF area, thereby allowing a full 30 year TIF program on those parcels.
Fiscal Impact: None. No funding is required for this legislation.
Title
To remove a portion of the former Jeffrey Mining site from the tax increment financing area created by this Council pursuant to Ordinance 0546-2002; to declare the improvement to that property to be a public purpose and exempt from taxation; to provide for the collection and deposit of service payments, and to specify the purposes for which those service payments may be expended; to authorize make-whole compensation payments to the Columbus City School District; and to declare an emergency.
Body
WHEREAS, this Council is committed to improving existing neighborhoods and providing new neighborhood housing; and
WHEREAS, Ohio Revised Code (“ORC”) Sections 5709.41 to 5709.43 (collectively, the “TIF Statutes”) authorize this Council, by ordinance, to declare the improvement to parcels of real property located within 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, establish an urban redevelopmen...
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