For Immediate Release
Monday, November 5, 2012
With the support of Columbus City Council, Mayor Michael B. Coleman is taking important steps to transform East Franklinton into a new urban district attracting young, creative and talented residents and businesses. Mayor Coleman has submitted legislation to City Council to create a new tax increment financing area in East Franklinton. The TIF is bound on the north by the railroad tracks north of West Broad Street near Scott Street, on the south by 70 East and the Scioto River, on the west by State Route 315, and on the east by the railroad tracks that cross Rich, Town, State and West Broad Street. The TIF funds will help provide the city with additional funds to promote redevelopment, including public improvements such as infrastructure and all costs related to planning, designing, and constructing those improvements.
“Our vision for East Franklinton is being implemented,” Mayor Coleman said. “The steps we are taking today will transform our first neighborhood into one of the strongest neighborhoods for Columbus’ future.”
The TIF provides for a 100 percent exemption from real property taxation on all nonresidential development on the TIF parcels for a period of not more than 30 years. The Columbus City School District will receive, in the same manner as usual, all amounts that it would have received in real property taxes had the tax exemption not been granted. The legislation will receive its first reading at council this evening.
“The rebirth of Franklinton, Columbus’ oldest neighborhood, is well underway thanks to the hard work of residents and businesses that are currently in the area,” said Councilmember Zach M. Klein, chair of the Development Committee. “The legislation that City Council will be considering will accelerate the momentum and be the cornerstone of positive change in Franklinton.”
In addition, City Council will give a first reading to the East Franklinton Creative Community Plan envisioning a vibrant and diverse residential district. Goody Clancy, a Boston-based nationally renowned urban design firm, authored the plan, working over the past 10 months with the city, community stakeholders and the public. The Franklinton Area Commission and the Columbus Development Commission both unanimously approved the plan in September.
Last month, City Council approved the creation of the Columbus Next Generation Development Corp. for the purpose of advancing, encouraging and promoting industrial, economic and commercial development including the elimination of blight and creation of job opportunities. While the organization will be involved in all areas of the city, East Franklinton will be a priority area. The city expects to name a Board of Trustees in the coming months.
Next week, Mayor Coleman will ask City Council to consider amendments to the Franklinton Community Reinvestment Area to expand the boundaries of the existing CRA by 550 parcels. In addition, the Franklinton CRA will be revised to provide for exemption from an increase in real property tax for construction of new rental, single-family homes built on vacant lots and for the construction of new rental multi-family housing. The goal of amending the Franklinton CRA is to expand neighborhood revitalization efforts, stabilize and increase school enrollment, and increase single-family and rental housing development in the area.
By summer, construction is expected to begin on a project to convert both Rich Street and Town Street from one-way to two-way operation between Grubb and Belle Streets and provide bicycle accommodations east of State Route 315 in Franklinton. Construction of these improvements is estimated to be completed by the end of next fall. This project was recommended in the Franklinton Community Mobility Plan and will be the first of many infrastructure improvements in this area in the coming years.
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