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File #: 0072-2020    Version:
Type: Ordinance Status: Passed
File created: 1/6/2020 In control: Economic Development Committee
On agenda: 5/18/2020 Final action: 5/21/2020
Title: To remove several parcels from the existing East Franklinton Tax Increment Financing (TIF) Area by amending Ordinance 2283-2012; to create the “Gravity Phase II” 5709.410(B) TIF Area; to declare improvements to those TIF parcels 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; and to establish an urban redevelopment municipal public improvement tax increment equivalent fund for the deposit of the remainder of those service payments; to otherwise implement the Economic Development Agreement authorized by Ordinance 1732-2019; and to declare an emergency. ($0.00)
Attachments: 1. ORD0072-2020 TIF Legis Exh A Gravity2.0 Map Parcels, 2. ORD0072-2020 EXHIBIT B PUBLIC IMPROVEMENTS, 3. Amendment - ORD0072-2020 EXHIBIT B PUBLIC IMPROVEMENTS.pdf, 4. Amendment - ORD0072-2020 TIF Legis Exh A Gravity2.0 Map Parcels.pdf
Explanation

Background: This Council passed Ordinance 1732-2019 on July 22, 2019 to authorize the Director of Development to enter into an Economic Development Agreement (“EDA”) with Kaufman Development dba The Gravity Project 2, LLC and Columbus Housing Partnership, Inc., dba Homeport (herein after the “Development Team”). Pursuant to the EDA, the City and the Development Team desire for City Council to approve Tax Increment Financing (“TIF”) under Section 5709.410(B) of the Ohio Revised Code to pay for certain infrastructure improvements in support of the Gravity Phase II urban redevelopment project located between W. Broad St. on the north, W. State St. on the south, McDowell St. on the west, and the CSX railroad on the east and in support of the Homeport affordable housing project located on the former West Side Spiritualist Church at the northwest corner of McDowell St. and W. State St. (“Projects”).

In order to implement the Projects under the EDA, the attached ordinance will remove certain parcels from the existing East Franklinton TIF to establish a new non-school TIF area known as “Gravity Phase II” for the Projects and provide for a 100% exemption from real property taxation on all improvements to the parcels within the new TIF area for a period of not more than thirty (30) years. Annual service payments in lieu of taxes will be made with respect to improvements to the new TIF parcels. The applicable portion of those service payments will be distributed directly to the Columbus City School District, in the same manner as usual, in the amount that the school district would have received in real property taxes had the tax exemption not been granted. The remaining non-school portion of those service payments will be paid to the City for deposit into a new TIF fund established in this Ordinance to be used to fund infrastructure improvements benefiting the new TIF parcels.

Fiscal Impact: No funding is required for this legislation. The City is foregoing r...

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