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TO AUTHORIZE THE MAYOR TO MAKE MODIFICATIONS OF THE BOUNDARIES AND TERMS OF CRA#5; TO INCLUDE PROPERTIES ALONG ROUTE 62, WEST JOHNSTOWN ROAD, STYGLER ROAD AND AGLER ROAD; TO PROMOTE PRIVATE INVESTMENT AND JOB CREATION OPPORTUNITIES.
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WHEREAS, a CRA, authorized by Ohio Revised Code Section 3735, allows municipalities to provide property tax abatements to eligible projects within the defined areas, and CRA#5 was first established in 1992 and modified in 2009, in an effort to spur private investment and job creation opportunities within Olde Gahanna; and
WHEREAS, the requested modification would expand the district boundary to include multiple commercial properties along Route 62, West Johnstown Road, Stygler Road and Agler Road and ensure that the primary commercially zoned properties in West Gahanna are eligible to receive the most competitive financial incentives in order to spur economic development; and
WHEREAS, the proposed CRA#5 will be in place until otherwise modified and/or removed by Gahanna City Council and the modified CRA will allow the property taxes generated from new construction within the CRA to be abated for a period of up to 15 years; and
WHEREAS, the Director of Planning & Development has recommended we proceed to expand CRA#5;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, COUNTY OF FRANKLIN, STATE OF OHIO:
Section 1. That the Mayor is hereby authorized to modify CRA#5 by adding to the district boundaries; to include Route 62, West Johnstown Road, Stygler Road and Agler Road under authority of ORC Section 3735; Proposed CRA#5 Map and Housing Survey attached as EXHIBIT A and B.
Section 2. That this Ordinance shall be in full force and effect after passage by Council and 30 days after signature of approval by the Mayor.