Explanation
Background: Ordinance 1699-2020, passed by City Council on November 16, 2020, (the “Rezoning Ordinance”) rezoned the property at or near the northwest corner of the intersection of West Broad Street and Doherty Road and generally located at 5960 West Broad Street (Franklin County Tax ID parcel No. 570-184818, the “Developer Property”) now owned by Crown Pointe, LLC (the “Developer”) and rezoned 6000 W. Broad Street (Franklin County Tax ID Parcel No. 570-301099, the “Adjacent Property”). The Developer purchased the ±9.023 acres encompassing the Developer Property in order to privately invest approximately $18 million to construct one-hundred ninety-two (192) multi-family apartment units and private improvements pursuant to the Rezoning Ordinance. The Rezoning Ordinance necessitates the Developer’s implementation of additional public revenue generating programs on the Developer Property consistent with the Big Darby Accord pursuant to Resolution 0216X-2008 adopted by Columbus City Council on April 20, 2009 (the “Big Darby Revenue Program”). The Big Darby Revenue Program identified three revenue generation sources: tax increment financing (TIF), new community authority (NCA) community development charges, and per unit developer contributions (collectively, the “Big Darby Revenue”) for regionally beneficial public infrastructure improvements and Big Darby Accord purposes. Pursuant to Ordinance 2535-2020 passed by Council on November 23, 2020, the Director of Development entered into a development agreement (the “Big Darby Agreement”) dated December 1, 2020 with an affiliate of the Developer to outline the plans and respective commitments of the City and the Developer for the fulfillment of Big Darby Revenue Program requirements, including establishing new tax increment financing for the Developer Property and the Adjacent Property.
This Ordinance establishes a TIF area under Ohio Revised Code Section 5709.40(B) encompassing the Developer Property as iden...
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