Explanation
Background:
The purpose of this legislation is to expand the boundary of the Preserve Incentive District to include an area outside the boundary that was combined into a parcel within the boundary, thus making the entire parcel ineligible for exemption.
The Columbus City Council passed Ordinance No. 2117-2005 on December 14, 2005 establishing ten tax increment financing districts, one of which is known as the Preserve District (TIF District) benefiting parcels near Thompson Road pursuant to Section 5709.40(C) of the Ohio Revised Code to declare the improvements 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, requires 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.
This legislation will amend Ordinance 2117-2005 to expand the boundary of the Preserve Incentive District to include the area formally known as parcels 010-214640 and 010-291717. Exhibit A.
Fiscal Impact: No City funding is required for this legislation.
Title
To amend Ordinance 2117-2005, to expand the boundary of the Preserve Incentive District to include an area 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 Columbus, Ohio (the “City”), to be a public purpose and exempt from taxation, requires the owner of each parcel ...
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