Explanation
BACKGROUND:
This Council on July 22, 2019 passed its Ordinance No. 2043-2019 addressing the redevelopment of additional sites in the Arena District and adjacent areas in Downtown Columbus 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.
The Department of Development is proposing the creation of a tax increment financing district under Section 5709.41 of the Ohio Revised Code composed of a parcel located within the area generally bounded on the north by the Convention Center, on the west by High Street, on the south by Nationwide Boulevard and on the east by Third Street to be known as the “Hyatt Regency TIF.” This Ordinance establishes this TIF and provides for a 100% exemption from real property taxation on all development on the parcels in the TIF for a period of not more than thirty (30) years to take effect and commence from and after the effective date of this Ordinance.
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 the TIF. 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
This Ordinance removes parcels in the Hyatt Regency TIF from the existing Downtown TIF and incorporates them into the new Hyatt Regency TIF.
FISCAL IMPACT: No funding is...
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