Explanation
BACKGROUND:
In 2016 and 2017, the City commissioned and received a study from HR&A on the effectiveness of its economic development incentives, including real property tax abatements in community reinvestment areas. The study concluded that the City’s economic development incentive programs could be improved to better target economic development incentives to areas where the market was not yet encouraging investment. The City has developed an incentive policy to encourage development of affordable housing through targeted economic development incentives, including real property tax abatements, throughout the City. This ordinance will modify the Fifth by Northwest CRA by authorizing the real property tax exemptions set forth by Chapter 4565 of the Columbus City Codes.
Title
To amend the Fifth by Northwest Community Reinvestment Area to authorize the real property tax exemptions as established in Chapter 4565 of the Columbus City Codes.
Body
WHEREAS, the City of Columbus has established a goal of fostering private sector investment to build mixed income neighborhoods dispersed throughout the City; and
WHEREAS, Resolution No. 1698-78, approved August 3, 1978, authorized the Department of Development to carry out a Community Reinvestment Program, pursuant to Sections 3735.65 to 3735.70 of the Ohio Revised Code, and approved certain administrative procedures for the program; and
WHEREAS, Ordinance 0479-2011 created the Fifth by Northwest Community Reinvestment Area and authorized real property tax exemptions within it, as provided per Ohio Revised Code; and
WHEREAS, the boundaries of the Fifth by Northwest Community Reinvestment Area have been amended (and/or other amendments of Ordinance 0479-2011 have been made) since its creation by Ordinance 1723-2012; Ordinance 1835-2013; Ordinance 1209-2015; and Ordinance 1543-2016; and
WHEREAS, in 2016 and 2017, the City commissioned and received a study of the effectiveness of its economic development i...
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