Explanation
Background: The City Department of Development has determined it is necessary to facilitate the urban redevelopment of property currently owned by the City on the Scioto Peninsula to the west of COSI into a mixed use development featuring office, hotel and multifamily (including workforce housing) components. In connection with that redevelopment, the City has entered into an Economic Development Agreement and long term lease with, and agreed to transfer certain property to, Scioto Peninsula Holdings, Ltd., a subsidiary of the Columbus Downtown Development Corporation, which is serving as master developer for the redevelopment.
In order to pay for costs of public infrastructure improvements necessary to implement the redevelopment plan for this property, this Council approved Resolution 0106X-2020 to create the Scioto Peninsula New Community Authority and Ordinance 1498-2020 to establish the Scioto Peninsula tax increment financing (“TIF”) area encompassing the redevelopment area bounded by West Capital Street, West Chapel Street, South Belle Street and Starling Street and providing 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 for each parcel. Columbus City Schools 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 Columbus City Schools, with the remaining non-school portion of those service payments paid to the City for deposit into the TIF Fund established in the TIF ordinance.
This Ordinance approves and authorizes a Tax Increment Financing and Cooperative Agreement by and among the City, Scioto Peninsula New Community Authority, and Scioto Peninsula Holdings, Lt...
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