Explanation
Background: The City Department of Development has determined to facilitate the urban redevelopment of certain parcels of real property generally located at the northeast corner of Dublin Road and Grandview Avenue, and, in connection with that redevelopment, the City has entered into an Economic Development Agreement with Wagenbrenner Development providing for the redevelopment plan for the parcels and, as part of that plan, providing for the creation of a tax increment financing (TIF) area on the redevelopment parcels pursuant to Section 5709.41 of the Ohio Revised Code. In order to implement the urban redevelopment plan under the Economic Development Agreement, the attached Ordinance establishes a TIF area for the project and provides for a 100% exemption from real property taxation on all improvements to the parcels within the TIF area for a period of not more than thirty (30) years. The Columbus City School District will receive, in the same manner as usual, all amounts that it would have received in real property taxes had the tax exemption not been granted. Annual service payments in lieu of taxes will be made with respect to improvements to the TIF parcels. The applicable portion of those service payments will be distributed directly to the Columbus City School District, with the remaining non-school portion of those service payments paid to the City for deposit into the TIF fund established in this Ordinance, to be used to fund infrastructure improvements benefiting the TIF parcels pursuant to a separately authorized TIF and Cooperative Agreement.
Fiscal Impact: No funding is required for this legislation. The City is foregoing real property tax revenue that it would have received from development on the TIF parcels. Instead, the non-school portion of that revenue will be diverted to the TIF fund.
Title
To create a tax increment financing area encompassing certain parcels of real property in the area known as Grandview Crossing; to ...
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