Explanation
Background: Through a series of annexations and rezoning ordinances passed this decade for properties within the Rocky Fork-Blacklick community of northeast Columbus, City Council has approved infill developments consisting of primarily multi-family developments and some smaller commercial developments. Through these various ordinances, there is projected to be up to 1,134 new multi-family units with an estimated value of almost $150,000,000 likely to be constructed over the next couple of years. These developments are also not currently within one of the City’s existing tax increment financing (“TIF”) incentive districts that have been historically used to finance public infrastructure improvements necessary to accommodate the new population growth in this area. Through collaboration between multiple City departments, there is anticipated to be a need for additional TIF revenue as the estimated costs of planned public infrastructure improvements (with additional work contemplated as being necessary) are outstripping the revenue generated by the existing TIFs.
This Ordinances establishes a new non-school TIF area pursuant to Ohio Revised Code Sections 5709.40(B), 5709.42, and 5709.43 that will include the aforementioned developments primarily between State Route 161 and Walnut Street to the north and south and Cubbage Road and New Albany Road to the west and east as depicted on Exhibit A attached hereto (the “Rocky Fork II TIF”). The proposed Rocky Fork II TIF will provide for a one-hundred percent (100%) exemption from real property taxation on the improvements to those parcels within the Rocky Fork II TIF for a coextensive period for all parcels of not more than thirty (30) years. Eastland-Fairfield Career & Technical Schools, Columbus City Schools, New Albany-Plain Local Schools, and Westerville City Schools will receive, in the same manner as usual, all amounts they would have received in real property taxes had the tax exemption herein not been...
Click here for full text