Explanation
BACKGROUND: City Council passed Ordinance 2888-2014 on December 8, 2014 (the “TIF Ordinance”) establishing a tax increment financing area (TIF Area) benefiting parcels near OSU University Area in the Columbus School District pursuant to Section 5709.40 of the Ohio Revised Code. This ordinance approves and authorizes a tax increment financing agreement between the City of Columbus and Campus Partners for Community Urban Redevelopment, Inc. (Campus Partners) to provide for the construction and financing of certain improvements to the parcels.
An emergency exists in the usual daily operation of the Department of Development in that this Ordinance is required to be immediately effective in order to facilitate the continuing development of the TIF Area.
FISCAL IMPACT: No City funding is required for this legislation.
Title
To authorize the Director of the Department of Development, on behalf of the City, to enter into a tax increment financing agreement with Campus Partners for Community Urban Redevelopment, Inc. to provide for the construction and financing of public infrastructure improvements within and around the University tax increment financing area; and to declare an emergency.
Body
WHEREAS, Sections 5709.40, 5709.42 and 5709.43 of the Ohio Revised Code authorize this Council, by ordinance, to declare the improvement to certain parcels of real property located within the corporate boundaries of the City of Columbus, Ohio (the “City”), to be a public purpose and exempt from taxation, require the owner of each parcel to make service payments in lieu of taxes, and specify 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; and
WHEREAS, pursuant to Ordinance 2888-2014 passed on December 8, 2014 (the “TIF Ordinance”), this Council created a tax increment financing in the area of OSU University Area (the “TIF Area”) (Exhibit...
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