Explanation
Background: Ordinance No. 2069-2021 passed by City Council on July 26, 2021 authorized the Director of the Department of Development on behalf of the City to enter into a Memorandum of Understanding dated March 23, 2022 with The Ohio State University (“OSU”) to outline the plans and anticipated commitments of the City and OSU related to the redevelopment of OSU’s west campus (the “Innovation District”). Ordinance No. 3268-2021, passed by City Council on December 13, 2021, authorized the Director of the Department of Development on behalf of the City to enter into the Housing Development Agreement dated April 12, 2022 (the “HDA”) with OSU that requires OSU to maintain a certain percentage of residential housing units to be constructed in the Innovation District to meet certain affordability requirements. Ordinance No. 3247-2021 passed by City Council on December 13, 2021 authorized the Director of the Department of Development on behalf of the City to enter into the Tax Increment Financing Agreement dated April 8, 2022 (the “TIF Agreement”) by and between the City and OSU. Pursuant to the TIF Agreement, OSU has provided written consent and requested that the City expand its residential tax incentive area pursuant to R.C. Sections 3735.65 through 3735.70 over the Innovation District. The City will submit separate legislation for City Council consideration to expand such residential tax incentive area over the Innovation District and to amend the TIF Agreement. The purpose of this legislation is to authorize an amendment to the HDA to update the affordable housing obligations contained therein to substantially align with those required by Chapter 4565 of the Columbus City Codes.
Fiscal Impacts: There is no fiscal impact for this legislation.
Title
To authorize the Director of the Department of Development to enter into an amendment to the Housing Development Agreement dated April 12, 2022 with The Ohio State University to update the affordable housing obligations contained therein to substantially align with those required by Chapter 4565 of the Columbus City Codes. ($0.00)
Body
WHEREAS, Ordinance No. 2069-2021, passed by Columbus City Council on July 26, 2021, authorized the Director of the Department of Development on behalf of the City to enter into a Memorandum of Understanding dated March 23, 2022 with The Ohio State University (“OSU”) to outline the plans and anticipated commitments of the City and OSU related to the redevelopment of OSU’s west campus (the “Innovation District”); and
WHEREAS, the Innovation District is anticipated to include the construction of 1,500 to 2,000 residential units over a period of 20 to 30 years; and
WHEREAS, Ordinance No. 3268-2021, passed by City Council on December 13, 2021, authorized the Director of the Department of Development on behalf of the City to enter into the Housing Development Agreement dated April 12, 2022 (the “HDA”) with OSU to require a certain percentage of the residential housing units to be constructed in the Innovation District to meet certain affordability requirements; and
WHEREAS, City Council passed Ordinance No. 3247-2021 on December 13, 2021 to authorize the Director of the Department of Development on behalf of the City to enter into the Tax Increment Financing Agreement dated April 8, 2022 (the “TIF Agreement”) to assist OSU with funding public infrastructure improvements associated with development of the Innovation District; and
WHEREAS, pursuant to the TIF Agreement, OSU had previously requested the tax increment financing exemptions to be superior to all other residential tax incentives to provide maximum available tax increment financing for the public infrastructure improvements in the Innovation District; and
WHEREAS, OSU has now requested and in accordance with the TIF Agreement provided its written consent for the City to expand a residential tax incentive area pursuant to R.C. Sections 3735.65 through 3735.70 over the Innovation District; and
WHEREAS, the Director of the Department of Development is submitting separate legislation for City Council consideration to expand such residential tax incentive area over the Innovation District and to amend the TIF Agreement; and
WHEREAS, it has become necessary in the usual daily operation this Ordinance will authorize the Director of the Department of Development to enter into an amendment of the HDA to update OSU’s affordable housing obligations contained therein to substantially align with the affordable housing requirements contained in Chapter 4565 of the Columbus City Codes; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of the Department of Development or his or her designee (altogether, the “Director”), for and in the name of the City, is hereby authorized to execute and deliver the amendment to the Housing Development Agreement dated April 12, 2022 with The Ohio State University presently on file with the Department of Development, that updates the affordable housing obligations contained therein to substantially align with those required by Chapter 4565 of the Columbus City Codes along with any changes or amendments thereto not inconsistent with this Ordinance and not substantially adverse to the City which shall be evidenced conclusively by the Director’s execution and delivery thereof.
SECTION 2. That this Ordinance shall take effect and be in force from and after the earliest period allowed by law.