Explanation
BACKGROUND:
The Department of Development is proposing the creation of two tax increment financing areas under Section 5709.40(B) of the Ohio Revised Code by removing from the City’s current Downtown TIF, established pursuant to Ordinance 0973-2008 and as amended by Ordinance 1189-2009, Ordinance 0923-2012, and Ordinance 3169-2019 (the “Downtown TIF Ordinance”), certain parcels generally located at 155 and 195 East Broad Street and between Gay and Long Streets on the east side of N. High Street specifically identified on Exhibit A to this Ordinance. These parcels are currently subject to the City’s Downtown TIF. This Ordinance establishes a new TIF for the certain parcels generally located at 155 and 195 East Broad Street to be known as the “PNC-Gilbert TIF” and provides for a 100% exemption from real property taxation on all development on the parcels in that TIF for a period of not more than thirty (30) years. The Department of Development will submit a separate ordinance for City Council consideration to establish a new TIF for the certain parcels generally located between Gay and Long Streets on the east side of N. High Street.
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 new development 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 a TIF fund.
This Ordinance removes parcels in the PNC-Gilbert TIF area from the existing Downtown TIF by amending the Downtown TIF Ordinance and incorporates them into the new PNC-Gilbert TIF, created pursuant to this Ordinance.
FISCAL IMPACT: No funding is required for this legislation. The City is foregoing r...
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