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. This ordinance will modify the AC Humko Community Reinvestment Area by further modifying its geographic boundaries and authorizing the real property tax exemptions set forth by Chapter 4565 of the Columbus City Codes.
Title
To amend the AC Humko Community Reinvestment Area; to modify its geographic boundaries; 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 1841-2005 created the AC Humko Community Reinvestment Area and authorized real property tax exemptions within it, as provided per Ohio Revised Code; and
WHEREAS, amendments have been made to the AC Humko Community Reinvestment Area boundaries, as well as other provisions, since its creation by Ordinance 1913-2008 and Ordinance 3098-2015; and
WHEREAS, in 2016 and 2017, the City commissioned and received a study of the effectiveness of its economic development incentives, including real property tax abatements in community reinvestment areas; and
WHEREAS, the study concluded that the City’s economic development incentive programs could be improved to better targe...
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