Explanation
Background: Ordinance No. 2039-2025 authorized the Director of the Department of Development to enter into an Economic Development Agreement with the Crawford Hoying, Ltd. and/or its affiliates (together, the “Developer”). The Developer had also requested the City to establish a new tax increment financing area over property owned or controlled by the Developer. Ordinance No. 2039-2025 was also passed by City Council to, among other things, establish a new TIF area near 3368 and 3380 Olentangy River Road (the “Olentangy 315 South TIF”) pursuant to R.C. Sections 5709.40(B), 5709.42, 5709.43. This Ordinance will amend Ordinance No. 2039-2025 to terminate the authorization for the Economic Development Agreement as the City and the Developer now instead desire to enter into a tax increment financing agreement for the Olentangy 315 South TIF and other existing TIF funding, which the City will submit separate legislation for City Council consideration.
Fiscal Impact: No funding is required for this legislation.
Title
To amend Ordinance No. 2039-2025; to terminate the authorization for the Director of the Department of Development to enter into an Economic Development Agreement between the City and Crawford Hoying, Ltd. and/or its affiliates. ($0.00)
Body
WHEREAS, the City is partnering with the Central Ohio Transit Authority to develop bus rapid transit from Downtown Columbus to Dublin including along Olentangy River Road (the “Northwest BRT Corridor”); and
WHEREAS, the City has implemented ZoneIn Phase 1 and is implementing ZoneIn Phase 2 to allow for higher density residential and mixed-use developments along parts of the Northwest BRT Corridor; and
WHEREAS, a project has been proposed along the Northwest BRT Corridor (the “Northwest BRT Project”) by Crawford Hoying, Ltd. and/or its affiliates (together, the “Developer”); and
WHEREAS, the City contemplated entering into an Economic Development Agreement with the Developer for the Northwest BRT Project to establish the proper implementation and use of incentives for the Northwest BRT Project and public infrastructure improvements together with the commitments from the Developer for such incentives; and
WHEREAS, Ordinance No. 2039-2025 established a new tax increment financing area over the Northwest BRT Project (the “Olentangy 315 South TIF”) that will provide indirect support towards the creation of new housing units within the Northwest BRT Project in close proximity to major employers such as Riverside Methodist Hospital, Wexner Medical Center, and The Ohio State University; and
WHEREAS, it has become necessary in the usual daily operation Ordinance No. 2039-2025 will be amended to terminate the authorization for an Economic Development Agreement as the City and the Developer now instead desire to enter into a tax increment financing agreement for the Olentangy 315 South TIF and other existing TIF funding, which the City will submit separate legislation for City Council consideration; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That Section 11 of Ordinance No. 2039-2025 is repealed in its entirety.
Section 2. That this Ordinance shall take effect and be in force from and after the earliest period allowed by law.