Explanation
Background: By Ordinance 1159-2005, passed July 11, 2005, the Columbus City Council established five (5) Tax Increment Finance Areas (TIF Areas). Two of which are commercial TIF areas pursuant to Section 5709.40 (B), known as East Broad Commercial and Lucent Commercial and three Incentive Districts pursuant to 5709.40 (C) of the Ohio Revised Code, known as Lucent Incentive District, East Broad Dominion Incentive District and Waggoner M/I Incentive District. The improvements to certain parcels located within those TIF Areas to be a public purpose and exempt from taxation, provided for the owners of each parcel to make annual service payments in lieu of taxes, and provided for the non-school portion of those service payments to be paid to the City for deposit into the East Broad TIF Funds. This ordinance provides for the appropriation of monies on deposit in those TIF Funds to be used to fund public infrastructure improvements in accordance with that Ordinance 1159-2005 and the Tax Increment Finance Agreement, which was executed September 7, 2005.
Fiscal Impact: No additional funding is required for this legislation.
Title
To appropriate monies on deposit in the East Broad Municipal Public Improvement Tax Equivalent Funds to be used to fund public infrastructure improvements benefiting or serving the East Broad Street Tax Increment Finance Areas and further described in a Tax Increment Financing Agreement by and among the City and Owners.
Body
WHEREAS, by its Ordinance 1159-2005, passed July y11, 2005 (the “TIF Ordinance”), this Council established the East Broad Street TIF Areas pursuant to Section 5709.40 (B) & (C) of the Ohio Revised Code, declared 100% of the increase in assessed value of certain parcels located within that Incentive Area (which increase in assessed value is referred to as the “Improvement,” as further defined in Section 5709.40(A) of the Ohio Revised Code) to be a public purpose and exempt from real property taxation, ...
Click here for full text