Explanation
BACKGROUND: In 2003, the City of Columbus desired to create a Tax Increment Financing (TIF) District and enter into a TIF Agreement with the Columbus Urban Growth Corporation to pay for certain public infrastructure improvements and to otherwise support the West Edge Business Center. On December 15, 2003, Columbus City Council passed Ordinance No. 2635-2003 (the “TIF Ordinance”) creating the West Edge I TIF District and also creating the West Edge Urban Redevelopment Tax Increment Equivalent Fund (the “TIF Fund”) to pay for or finance the costs of improvements to or on, or servicing the property or project located within, the West Edge I TIF District. As the City never entered into a TIF Agreement with Columbus Urban Growth Corporation to use the TIF Fund for the improvements in the TIF Ordinance, Columbus Urban Growth Corporation is now defunct, and the West Edge Business Center and its improvements have been completed without use of the TIF Fund, the City desires to allow the TIF Fund to be used to support urban redevelopment and public infrastructure improvements in the greater Franklinton area, which by improving the neighborhood surrounding the West Edge I TIF District will make the West Edge Business Center a more attractive job location and increase property values. This ordinance will amend the TIF Ordinance to supplement the eligible urban redevelopment and public infrastructure improvements payable from the TIF Fund.
Emergency action is requested in order to allow for the timely payment or financing of urban redevelopment and public infrastructure improvements in the Franklinton Area Commission area and surrounding area without delay.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Ordinance No. 2635-2003 passed December 15, 2003 to supplement the description of the urban redevelopment and public infrastructure improvements payable from the West Edge Urban Redevelopment Tax Increment Equivalent Fund pursuant t...
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