Explanation
1. BACKGROUND
The Ohio State University (the “UNIVERSITY”) has proposed the creation of an innovation program area located on the west campus of the University, which is currently expected to include 1,500-2,000 residential units, 100,000-200,000 square feet of retail space, a 180-220-bed hotel, up to 500,000 square feet of medical facilities, and 4-6 million square feet of laboratory and commercial office space (the “Innovation District”).
Columbus City Council passed Ordinance Number 2069-2021 on July 26, 2021, which authorized the Department of Development to enter into a Memorandum of Understanding with the UNIVERSITY to outline the plans and anticipated commitments of the City and the UNIVERSITY related to the Innovation District. The Department of Development anticipates submitting legislation to authorize the Director of Development to enter into a Tax Increment Financing and Cooperative Agreement to assist the UNIVERSITY with funding public improvements associated with the Innovation District. The Department of Development also anticipates submitting legislation to authorize the Director of Development to enter into a Jobs Growth Incentive agreement with the UNIVERSITY. The execution of both agreements will be conditioned upon the UNIVERSITY’s agreement to provide affordable housing within the Innovation District.
The UNIVERSITY has committed that twenty percent of the units in each project or building of development within the Innovation District containing residential uses shall be affordable housing as follows: (a) ten percent of the total residential units must be affordable to households at or below eighty percent (80%) of the area median income (“AMI”) and (b) an additional ten percent of the total residential units must be affordable to households at or below one hundred percent (100%) AMI; provided, however, that any residential project or building for occupancy by students of the UNIVERSITY and included within the UNIVERSITY resid...
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