Explanation
In 2018, the City adopted a new residential Community Reinvestment Area policy based on the 2016 study from HR&A that evaluated the effectiveness of real property tax abatements. Chapter 4565 of the City Code was established by Ordinance 2184-2018 that outlines the eligibility requirements to apply for and receive a tax abatement on property used for residential purposes. Chapter 4565 of the City Code also requires the City to evaluate the policy and CRA categorization every 3 years. The Franklinton/Area G CRA needs to be updated to reflect the recent changes made to Chapter 4565 of the City’s Code. This ordinance will modify the Franklinton/Area G Community Reinvestment Area by adjusting its boundaries; modifying the percentage and term of abatements to correspond with certain housing designations; include a provision to address lot combinations; and will modify the start date for certain area designations. These changes also align with the updates approved by Council to Chapter 4565 of the Columbus City Code.
Title
To amend the Franklinton/Area G Community Reinvestment Area to make modifications to align with the updates located in Chapter 4565 of the Columbus City Codes.
Body
WHEREAS, the council of the City of Columbus (hereinafter "Council") desires to pursue reasonable and legitimate incentive measures to assist and encourage development in specific areas of the City of Columbus that have not enjoyed reinvestment from remodeling or new construction; and
WHEREAS, Resolution No. 1698-78, approved August 3, 1978, authorized the Department of Development to carry out a Community Reinvestment Program, pursuant to Sections 3735.65 to 3735.70 of the Ohio Revised Code, and approved certain administrative procedures for the program; and
WHEREAS, Ordinance 1938-2006 created the Franklinton/Area G Community Reinvestment Area (“CRA”) and authorized real property tax exemptions within it, as provided per Ohio Revised Code; and
WHEREAS, the Cit...
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