Explanation
BACKGROUND: By its Ordinance 1224-2009 passed October 8, 2009, Council established the OhioHealth Riverside Hospital Tax Increment Finance Area (TIF Area) pursuant to Section 5709.40 (B) of the Ohio Revised Code, declared the improvements to certain parcels located within that TIF Area to be a public purpose and exempt from taxation, provided for the owner 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 OhioHealth Municipal Public Improvement Tax Equivalent Fund (TIF Fund) established in that Ordinance.
On December 16, 2009 Council passed Ordinance 1689-2009 authorizing the Director of the Department of Development to enter into a Tax Increment Finance Agreement with OhioHealth Corporation and on June 1, 2011 the City entered into that Agreement with OhioHealth Corporation (TIF Agreement).
The need exists to amend the TIF Agreement between the City and OhioHealth Corporation to expand the range of Public Improvements eligible for reimbursement listed on Exhibit B, by replacing Exhibit B of the TIF Agreement with Exhibit B(1) (Attached).
Emergency action is required to allow the OhioHealth Corporation to continue constructing improvements in the TIF area in a timely manner.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend the Tax Increment Finance Agreement between OhioHealth Corporation and the City of Columbus by broadening the scope of eligible public improvements; and to declare an emergency.
Body
WHEREAS, by its Ordinance 1224-2009 passed October 8, 2009, (the “TIF Ordinance”), this Council established the OhioHealth Riverside Hospital Tax Increment Finance Area (the “TIF Area”) pursuant to Section 5709.40(B) 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 referr...
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