Explanation
BACKGROUND: Community Reinvestment Areas have been designated by Columbus City Council under the general guidelines of Resolution No. 1698-78. Such areas allow for the granting of real property tax incentives to encourage industrial, commercial and residential growth.
This resolution will designate the Easton Square Place Community Reinvestment Area which will provide the City the ability to offer real property tax exemptions for parcels within the area (depicted in Exhibit A).
Adoption of this resolution will allow the City of Columbus to offer tax incentives to business prospects interested in development in the area. The exemptions will be available to attract the new construction of commercial or industrial facilities and will be negotiated on a case by-case basis in advance of construction. The exemptions may be up to one hundred percent (100%) for ten (10) years. City Council approval of specific tax abatement for this project will be sought in a separate legislation once the CRA district has been certified by the Ohio Department of Development. The Columbus City School District has been advised of the proposed creation of this Community Reinvestment Area.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to designate the Easton Square Place Community Reinvestment Area; to authorize real property tax exemptions as established by Sections 3735.65 to 3735.70 of the Ohio Revised Code; and to declare an emergency.
Body
WHEREAS, the Columbus City Council desires to pursue all reasonable and legitimate incentive measures to assist in encouraging development in specific areas of Columbus that have not enjoyed reinvestment in remodeling or new construction; and
WHEREAS, Resolution No. 1698-78 approved August 3, 1978, authorized the Department of Development to implement a Community Reinvestment Program, pursuant to Section 3735.65 to 3735.70...
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