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, established a municipal public improvement tax increment equivalent fund into which those service payments are deposited, and authorized payment of a portion of those service payments to the Columbus City School District; and
WHEREAS, this Council desires to supplement the public infrastructure improvements specified in Exhibit B to the TIF Ordinance to include public parking and public park/greenspace improvements as further described in Exhibit A to this ordinance in order to facilitate the redevelopment of the former Jeffrey Mining site and the integration of that site into the surrounding Italian Village neighborhood; and
WHEREAS, notice of this proposed Ordinance has been delivered to the board of education of the Columbus City School District in accordance with ORC Sections 5709.40 and 5709.83; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is necessary to pass this ordinance as an emergency measure in order to allow for the timely financing of public infrastructure improvements and commencement of redevelopment of the former Jeffrey Mining site, all for the preservation of the public health, peace, property, safety and welfare; NOW THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That Ordinance 1608-02 is hereby amended so that Exhibit B of the TIF Ordinance is amended and restated by replacing the existing Exhibit B with the revised Exhibit B set forth on Exhibit A to this ordinance. The public infrastructure improvements set forth in that revised Exhibit B are designated as public infrastructure improvements made, to be made, or in the process of being made, that directly benefit, or that once made will directly benefit, the Property and are included in the "Public Improvements" as defined in the TIF Ordinance.
Section 2. That the Director of the Department of Development is authorized to execute and deliver any amendments as are necessary to conform the existing Tax Increment Financing and Cooperative Agreement dated as of January 17, 2007, pertaining to the redevelopment of the former Jeffrey Mining site to the TIF Ordinance as supplemented by this ordinance.
Section 3. Pursuant to ORC Section 5709.40(I), the Clerk of this Council is hereby directed to deliver a copy of this ordinance to the Director of the Ohio Development Services Agency within fifteen days after its passage.
Section 4. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is declared to be an emergency measure and takes effect and is in force from and after its passage and approval by the Mayor, or ten days after passage if the Mayor neither approves or vetoes this ordinance.