Explanation
Background:
The goal of a Community Reinvestment Area is neighborhood revitalization and stabilization.
This Ordinance will create the Kenny and Henderson Community Reinvestment Area and provide for real property tax exemptions for residentially zoned and used parcels within the area.
The Ordinance will provide for exemption from an increase in real property tax for construction of new housing; on the increase in valuation of building conversions from commercial use to residential use; and on the increase in property taxes due to the renovation of existing single and multi-family housing units, within the established boundaries.
Fiscal Impact: No fiscal impact. No funding is required for this legislation.
Title
To create the Kenny and Henderson Community Reinvestment Area and to authorize real property tax exemptions as established in Sections 3735.65 to 3735.70 of the Ohio Revised Code.
Body
WHEREAS, the Council of the City of Columbus (hereinafter “Council”) desires to pursue reasonable and legitimate incentive measures to assist and encourage development in specific areas of the City of Columbus that have not enjoyed benefit of reinvestment from remodeling or new construction; and
WHEREAS, Ordinance No. 1698-78, approved by City Council on August 3, 1978, authorized the Columbus Department of Development to implement a Community Reinvestment Program, pursuant to Ohio Revised Code ("ORC") Sections 3735.65 to 3735.70, and approved certain administrative procedures for the program;
WHEREAS, Council adopted the revised changes to the Residential Tax Incentive Policy in July 2018; and
WHEREAS, specific rates, terms, and requirements for the CRA will adhere to Chapter 4565 in the Columbus City Code; and
WHEREAS, the Director of Development shall designate the CRA as Market Ready, Ready for Revitalization, or Ready for Opportunity; and
WHEREAS, a survey of housing (see Exhibit A) and a list of parcels (see Exhibit C) as required by ORC Se...
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