Explanation
BACKGROUND: Pursuant to the Economic Development Agreement (the
“EDA”) with 1489 Rohr Holding LLC (the “Developer”), City Council, by its passage of Ordinance No. 1447-2020 (the “Original TIF Ordinance”), created the Rickenbacker-317 TIF in accordance with Section 5709.40(B) of the Ohio Revised Code encompassing the Developer’s parcels (the “Site”) and additional industrial parcels adjacent to the south then being developed (the “Original Off-Site Parcels”). Pursuant to the EDA, the City and Developer agreed to use service payment in lieu of taxes from the Site to finance some of the public infrastructure improvements required in Ordinance No. 3084-2019 rezoning the Site. City Council expanded the Rickenbacker-317 TIF by its passage of Ordinance No. 2563-2020 (the “2020 Expansion TIF Ordinance”) to include additional industrial developments that were approved after the Original TIF Ordinance (the “New Off-Site Parcels”). In the EDA and subsequent TIF agreements authorized by Ordinance Nos. 1460-2020 and 1664-2022, the City reserved the right to use the service payment in lieu of taxes from the Original Off-Site Parcels and the New Off-Site Parcels to finance additional public infrastructure improvements allowed by the Original TIF Ordinance that benefit the Rickenbacker-317 TIF parcels including without limitation for proactive industrial development. Since the passage of the 2020 Expansion TIF Ordinance, more new industrial developments have commenced on parcels south of State Route 317 adjacent to the Rickenbacker-317 TIF (the “2023 Off-Site Parcels”).
This Ordinance will amend the Original TIF Ordinance, as amended by the 2020 Expansion TIF Ordinance, to again expand the Rickenbacker-317 TIF to include the 2023 Off-Site Parcels and provide for a 100% exemption from real property taxation on all nonresidential improvements on the 2023 Off-Site Parcels for a period of not more than thirty (30) years coinciding with the term of the Site, Original Of...
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