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AN ORDINANCE TO REPEAL ORD-0045-2021 RELATED TO TAX INCREMENT FINANCING FOR PROPERTY LOCATED IN THE CITY OF GAHANNA
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WHEREAS, City Council previously established the Central Park Municipal Tax Increment Equivalent Fund (Central Park TIF) through ORD-0141-2013; and
WHEREAS, City Council expanded the Central Park TIF in 2018 through ORD-0035-2018 to include the area now known as the "Crescent"; and
WHEREAS, in 2021, City Council approved a Development Agreement for a mixed-use project at the Crescent which contemplated inclusion of the property within the existing Central Park TIF; and
WHEREAS, City Council subsequently adopted ORD-0045-2021, which also added the Crescent property to the Central Park TIF; and
WHEREAS, the adoption of ORD-0045-2021 resulted in the same geographic area being added to the Central Park TIF more than once, rendering the 2021 ordinance redundant; and
WHEREAS, the continued existence of ORD-0045-2021 may create confusion regarding the applicable legislation and administration of the Central Park TIF; and
WHEREAS, the Department of Economic Development has recommended repeal of ORD-0045-2021 to eliminate redundancy and ensure clarity in the City's tax increment financing structure.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, COUNTY OF FRANKLIN, STATE OF OHIO:
Section 1. That ORD-0045-2021, titled "AN ORDINANCE DECLARING IMPROVEMENTS TO CERTAIN REAL PROPERTY LOCATED WITHIN THE CITY OF GAHANNA, OHIO TO BE A PUBLIC PURPOSE AND EXEMPT FROM REAL PROPERTY TAXATION; REQUIRING THE OWNERS OF THOSE PARCELS TO MAKE SERVICE PAYMENTS IN LIEU OF TAXES; ESTABLISHING A MUNICIPAL PUBLIC IMPROVEMENT TAX INCREMENT EQUIVALENT FUND FOR THE DEPOSIT OF THOSE SERVICE PAYMENTS; SPECIFYING THE PUBLIC INFRASTRUCTURE IMPROVEMENTS TO BE MADE THAT DIRECTLY BENEFIT THE PARCELS" is hereby repealed.
Section 2. That the repeal of ORD-0045-2021 shall not affect the validity, enforceability, or ongoing administration of the Cent...
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