Explanation
BACKGROUND: The Department of Development has determined to implement a tax increment finance area in the Arena West Area to include residential development. Per Ohio Revised Code 5709.41, improvements to be used for residential purposes may be declared a public purpose under this section only if the parcels are located in a “blighted area” of an “impacted city” as those terms are defined in section 1728.01 of the Revised Code. The Director of the Ohio Development Services Agency has certified the City to be an “impacted city” within the meaning of Ohio Revised Code Section 1728.01. A TIF Eligibility Report was conducted for ten parcels of property in the Arena West Area (Exhibit A Map & Parcels) which found blight conditions on those parcels such that those ten parcels constitute a blighted area, all per Ohio Revised Code 1.08(A). This legislation will adopt the findings of the TIF Eligibility Report for those parcels.
FISCAL IMPACT: No funding is required for this legislation.
Title
To adopt the TIF Eligibility Report of certain parcels in the Arena West area; and to declare an emergency.
Body
WHEREAS, a TIF Eligibility Report has been conducted of the ten parcels of real property identified and depicted in Exhibit A attached hereto, finding blight conditions such that those parcels constitute a “blighted area” within the meaning of Ohio Revised Code Sections 1728.01 and 1.08, and that the TIF Eligibility Report and those findings have been submitted to this Council; and
WHEREAS, to declare improvements that will be used for residential purposes a public purpose under Ohio Revised Code Section 5709.41, those improvements must be constructed in a “blighted area” of an “impacted city” (as those terms are defined in Ohio Revised Code Section 1728.01); and
WHEREAS, the Director of the Ohio Development Services Agency has certified the City to be an “impacted city” within the meaning of Ohio Revised Code Section 1728.01; and
WHEREAS, an eme...
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