Explanation
BACKGROUND: Columbus City Council passed Ordinance 2117-2005 on December 14, 2005 establishing ten tax increment financing districts, one of which is known as the New Albany West-Central College Incentive District (TIF District) benefiting parcels near New Albany West Road, pursuant to Section 5709.40(C) of the Ohio Revised Code, declaring the improvements to certain parcels of real property located within the corporate boundaries of the City of Columbus to be a public purpose and exempt from taxation and requiring the owner of each parcel to make service payments in lieu of taxes, and specifying public infrastructure improvements made, to be made, or in the process of being made that directly benefit, or that once made will directly benefit, those parcels.
CCH II Ltd. is the property owner of two parcels (depicted on Map Exhibit A) which are connected to the TIF District, but not included in the TIF District. CCH II Ltd. wishes to have those parcels added into the TIF District. These two additional parcels will add additional TIF revenue to the TIF District fund.
The purpose of this legislation is to amend Ordinance 2117-2005 to add parcels 010-234586 and 010-234600 into the New Albany West-Central College TIF District.
FISCAL IMPACT: No City funding is required for this legislation.
Title
To amend Ordinance 2117-2005 establishing the New Albany West-Central College Incentive District, to declare improvements to certain additional parcels of real property to be a public purpose; to describe public improvements to be made to benefit those parcels; to require the owners thereof to make service payments in lieu of taxes used to pay for the costs of such public improvements; and to declare an emergency.
Body
WHEREAS, Sections 5709.40(C), 5709.42 and 5709.43 of the Ohio Revised Code authorize this Council, by ordinance, to declare the improvements to certain parcels of real property located within the corporate boundaries of the City of Co...
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