Explanation
Background: In 2001, Columbus City Council authorized the modification of the sewer and water agreements between the City of Columbus and the Village of New Albany. Specifically the water and sewer agreements exclusive annexation boundaries were changed to permit New Albany to annex 1,600 acres on its eastern boundary into Licking County. The City received an exclusive eastern growth corridor, north of New Albany. City Council also approved an Economic Development Agreement between the City and the Village that addressed financial terms that were agreed upon as part of the water and sewer contract modification.
The City has been approached by New Albany to modify the water and sewer agreements and expand the exclusive annexation area within Licking County by 2,426 acres. The result of which is a new economic development agreement to address the expanded area.
This ordinance authorizes the Director of the Department of Development to enter into an Economic Development Agreement with the City of New Albany relating to the development of approximately 2,426 acres located along New Albany's eastern boundary within Licking County, north of Morse Road and south of Miller Road. As a result of this agreement it is proposed that the New Albany Sewer and Water Contracts be amended to include within the New Albany service area the approximately 2,426 acres. The economic development agreement will provide for sharing of the income tax revenue generated from the property to be annexed. The City of Columbus will also receive equity payments of $6,000 per acre upon commencement of commercial development.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an Economic Development Agreement with the City of New Albany, Ohio; and to declare an emergency.
Body
Whereas, the City and New Albany have cooperated to provide shared development and growth opp...
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