Explanation
BACKGROUND: This legislation is to request the Council to approve the Petition and the Amended and Restated Articles of Incorporation of the 5th Avenue and 4th Street Special Improvement District of Columbus, Inc., an Ohio not-for-profit corporation.
Chapter 1710 of the Ohio Revised Code, effective September 29, 1994 provides for the creation of Special Improvement Districts, by non-profit corporations governed by trustees elected by the property owners for the provision of special services in a designated district.
The 5th Avenue and 4th Street Special Improvement District (5th/4th SID) was authorized in 2020 for a five-year period ending in 2025.
The property owners have initiated a one petition process in which the owners of at least 60% of the front footage of all real property located within the District signed, acknowledging that they are interested in the reauthorization of the 5th/4th Special Improvement District and they approve of the Plan for Improvements and Services to be provided by the 5th/4th SID.
The petition and Amended and Restated Articles of Incorporation are on file with the Clerk of the Columbus City Council.
It is the intention of the Department of Development to enter into an agreement with the 5th/4th SID to make a payment in lieu of taxes for eligible city-owned parcels in the 5th/4th SID.
Emergency action is required to allow the 5th Avenue and 4th Street Special Improvement District of Columbus, Inc. to continue to establish a Special Improvement District in a timely manner.
FISCAL IMPACT: No funding is required for this legislation
Title
To approve the 5th Avenue and 4th Street Special Improvement District of Columbus, Inc. Petition and Amended and Restated Articles of Incorporation; and to declare an emergency.
Body
WHEREAS, Chapter 1710 of the Revised Code, effective September 29, 1994 provides for the creation of Special Improvement District, by non-profit corporations governed by trustees elected by the ...
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