Explanation
Background: On October 28, 2002, Columbus City Council passed Ordinance 1608-02, creating the Italian Village Tax Increment Financing (TIF) District pursuant to Ohio Revised Code (ORC) Section 5709.40 and declared 100% of the increase in the assessed value of each parcel within the Italian Village TIF District to be a public purpose and exempt for a 30-year period beginning on the date of its effective date. Ordinance 1608-02 also designated specific public infrastructure improvements made, to be made, or in the process of being made that would directly benefit the parcels of land located within the Italian Village TIF District. In order to implement a new redevelopment plan for the former Jeffrey Mining site adjacent to the District in a manner that integrates that redevelopment into the surrounding Italian Village neighborhood, this ordinance amends Ordinance 1608-02 to supplement the eligible public infrastructure improvements payable from TIF funds collected pursuant to that ordinance.
Fiscal Impact: No funding is required for this legislation.
Title
To amend Ordinance 1608-02, passed October 28, 2002, to supplement the description of public infrastructure improvements payable from Italian Village Tax Increment Financing (TIF) District funds pursuant to that ordinance; and to declare an emergency.
Body
WHEREAS, pursuant to Ohio Revised Code (“ORC”) Sections 5709.40, 5709.42 and 5709.43 this Council by Ordinance 1608-02, passed October 28, 2002 (the “TIF Ordinance”), declared certain improvements to certain real property located in the Italian Village neighborhood of the City (the “Property”) to be a public purpose, thereby exempting those improvements from real property taxation for a period of time, specified public infrastructure improvements made, to be made, or in the process of being made that directly benefit the Property, provided for the collection of service payments in lieu of taxes from the owners of the Property, establishe...
Click here for full text