Explanation
BACKGROUND: The Columbus City Council passed Ordinance 0349-2005 on April, 4, 2005 establishing the Hayden Road North and the Hayden Road South TIF Incentive Districts (TIF District) benefiting parcels near the Hayden Run Road area pursuant to Section 5709.40(C) of the Ohio Revised Code. That Ordinance also declared the improvements to certain parcels of real property located within the corporate boundaries of the City to be a public purpose and exempt from taxation, required the owner of each parcel to make service payments in lieu of taxes, and specified 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.
A road was constructed (a continuation of Hayden Run Blvd.) in the northeast corner of the Hayden Run South TIF District cutting off a pie shaped parcel which was combined into a larger parcel (010-265636) in the Hayden Run North TIF District (Exhibit A map). Due to this combination the entire larger parcel no longer holds TIF exemption status.
The purpose of this legislation is to amend Ordinance 0349-2005 to adjust the boundaries of the Hayden Road North & South TIF Incentive to reestablish the TIF exemption status for a combined parcel.
FISCAL IMPACT: No City funding is required for this legislation.
Title
To amend Ordinance 0349-2005 by adjusting the boundaries of the Hayden Run North and Hayden Run South TIF Incentive Districts to reestablish the TIF exemption status for a combined parcel; 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 to be a public purpose and exempt from taxation, and to require the owner of each parcel to make service payments in lieu of taxes, and to specify public infrastructure i...
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