Explanation
Background: City Council passed Ordinance No. 2117-2005 on December 12, 2005 (the “TIF Ordinance”) establishing the New Albany West - Central College and Harlem Road - Central College tax increment financing areas (TIF Areas) benefiting parcels near the intersection of New Albany Road West and Central College Road 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 Lifestyle Communities, LTD. to provide for the construction and financing of certain improvements to 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.
Emergency Justification: Emergency legislation is required to allow for the immediate execution of the TIF Reimbursement Agreement, which is necessary to facilitate the construction of the public infrastructure project and to coincide with the established development timeline.
Title
To authorize the Director of the Department of Development, on behalf of the City, to enter into a tax increment financing agreement with Lifestyle Communities, LTD. to provide for the construction and financing of public infrastructure improvements within and around the tax increment financing areas created by Ordinance 2117-2005; 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 impro...
Click here for full text