Explanation
Background: Pulte Homes of Ohio, LLC and Harmony Development Group, LLC (together, the “Developers”) purchased or have options to purchase ±369.2 acres within the City of Columbus near the intersection of Alton & Darby Creek Road and Renner Road (the “Developers’ Property”). The Developers’ Property is subject to the requirements of the “Big Darby Revenue Program” adopted by Council under Resolution 0216X-2008 as further agreed upon in the Big Darby Development Agreement dated March 10, 2021 (the “Agreement”) between the City and the Developers pursuant to Ordinance 1557-2020. Pursuant to the Big Darby Revenue Program and in accordance with the Agreement, the Department of Development proposed establishing two tax increment financing (“TIF”) incentive districts under Ohio Revised Code (“ORC”) Section 5709.40(C) for parts of the Developers’ Property (the “Sugar Farm Incentive District” and the “Renner South Incentive District,” collectively, the “Incentive Districts”). Pursuant to ORC Section 5709.4(E), not later than forty-five business days prior to City Council adopting the ordinance to establish the Incentive Districts, the City delivered notice to the Franklin County, Ohio Board of County Commissioners (the “Commissioners”) of the City’s intent to exempt improvements with respect to the parcels within the Incentive Districts for more than ten years and greater than seventy-five percent. Within thirty days after receipt of the City’s notice, pursuant to the Commissioners’ Resolution Nos. 0834-21 and 0835-2021, the Commissioners formally objected to the exemptions for the number of years in excess of ten (10) until such time as either the Commissioners negotiate a mutually acceptable compensation agreement with the City, or the City proceeds to create the Incentive Districts providing for compensation to the Commissioners at the default rate as set forth in ORC Section 5709.40(E)(2). The City has determined to enter into a mutually acceptable compens...
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