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File #: 3166-2019    Version: 1
Type: Ordinance Status: Passed
File created: 11/25/2019 In control: Economic Development Committee
On agenda: 12/9/2019 Final action: 12/12/2019
Title: To remove parcels from the existing Arena District Tax Increment Financing Area by amending Ordinance No. 2356-98; to create two new tax increment financing (TIF) areas encompassing certain parcels of real property; to declare improvements to the parcels within each TIF area to be a public purpose and exempt from real property taxation; to require the owners of those parcels to make service payments in lieu of taxes; to require the distribution of the applicable portion of those service payments to the Columbus City School District; to establish municipal public improvement tax increment equivalent funds for the deposit of the remainder of those service payments; to specify the public infrastructure improvements to be made that directly benefit or serve parcels in the TIF areas; and to declare an emergency.
Attachments: 1. ORD3166-2019 Exhibit A1-Arena District Marriott AC 11-15-19, 2. ORD3166-2019 Exhibit A2-Arena District North Market 11-15-19, 3. ORD3166-2019 Exhibit B
This Council on July 22, 2019 passed its Ordinance No. 2043-2019 addressing the redevelopment of additional sites in the Arena District and authorizing the Director of Development to enter into a related Economic Development Agreement (“EDA”) and an Amended and Restated Tax Increment Financing (“TIF”) Agreement (“TIF Agreement”). That Ordinance and the EDA and TIF Agreement include a commitment to amend and restructure existing TIFs to create new TIFs on sites undergoing redevelopment. This Ordinance implements a portion of that commitment for a portion of the Arena District.

The Department of Development is proposing the creation of two new tax increment financing districts under Section 5709.40(B) of the Ohio Revised Code. One TIF area is composed of one or more parcels in an area generally bounded by Park Street on the east, the I-670 entrance ramp on the north, School Street on the west, and Spruce Street on the south, and is to be known as the “Marriott AC TIF.” The second TIF area is in an area generally bounded by Park Street on the west on the west, Spruce Street on the north, Wall Street on the east, and Vine Street on the south, and is to be known as the “North Market TIF”. This Ordinance establishes these two TIFs and provides for a 100% exemption from real property taxation on all development on each parcel in each TIF for a period of not more than thirty (30) years, with that exemption to take effect and commence in the first tax year in which an Improvement of at least $50,000 due to the construction or renovation of a structure takes place appears on the tax list and duplicate of real and public utility property for that parcel.
The Columbus City School District will receive, in the same manner and times as usual, all amounts that it would have received in real property taxes had the TIF exemptions not been granted. Annual service payments in lieu of taxes will be made with respect to redevelopment on the parcels in th...

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