Explanation
Background: Pursuant to Resolution 0183X-2005 and Resolution 0039X-2006 adopted by Council, the City approved the Big Darby Accord Plan Principles and its later revisions. Pulte Homes of Ohio, LLC and Harmony Development Group, LLC (together, the “Developers”) purchased or have options to purchase ±369.2 acres within Columbus near the intersection of Alton & Darby Creek Road and Renner Road (the “Developers’ Property”) in order to construct 525 single family homes and 220 multi-family units to the north of Renner Road valued at approximately $226 million and to construct 147 single family homes and 196 multi-family units south of Renner Road valued at approximately $100 million in addition to $70 million of public infrastructure improvements serving both areas. Consistent with the Big Darby Accord Watershed Master Plan and Ordinance 1685-2020 rezoning the Developers’ Property, the parcels are subject to the requirements of the “Big Darby Revenue Program” adopted by Council under Resolution 0216X-2008. Pursuant to Ordinance 1557-2020 passed by Council, the Director of the Department of Development entered into a Big Darby Development Agreement dated March 10, 2021 with the Developers to outline the plans and respective commitments of the City and the Developers for the fulfillment of the Big Darby Revenue Program by establishing new tax increment financing (“TIF”) for parts of the Developers’ Property including a separate TIF area for a 13.886-acre parcel of real property (the “40(B) Parcel”) encompassing 220 multi-family apartment units north of Renner Road valued at approximately $29 million.
This Ordinance establishes a TIF area under Ohio Revised Code Section 5709.40(B) encompassing the 40(B) Parcel and the real property identified in Exhibit A attached hereto (the “Sugar Farm 40(B) TIF”). The Sugar Farm 40(B) TIF provides for a ninety five percent (95%) exemption from real property taxation on improvements to the parcels within the Sugar Farm 40...
Click here for full text