Explanation
Background: 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”). 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. CAG Riverside Flats Acquisitions, LLC (the “Developer”), an affiliate of Continental Development Ventures, is constructing an approximately $76.5 million multi-family building with approximately 259 residential units including 83 units at 80% AMI along with a 350-space parking garage (the “Riverside Flats”) on Franklin County Parcel ID No. 010-126692 along the Northwest BRT Corridor. The Developer requested tax increment financing (TIF) to support public infrastructure improvements including but not limited the parking facility and site improvements.
City Council passed Ordinance No. 2038-2025 establishing a new TIF area over Riverside Flats (the “Olentangy 315 North TIF”). City Council also previously passed Ordinance No. 1224-2009 and Ordinance No. 2189-2011 to establish two additional TIF areas now adjacent to or in the vicinity of the Olentangy 315 North TIF (respectively, the “OhioHealth TIF” and the “Olentangy & North Broadway TIF”). The Developer has requested the Columbus-Franklin County Finance Authority (the “Finance Authority”) to issue special obligation revenue bonds in the approximate amount of $13,000,000 (the “Bonds”) to pay for the public infrastructure improvements associated with Riverside Flats, and for the City to contribute $2,000,000 of tax increment financing funds upfront. This Ordinance will authorize a tax increment financing and cooperative agreement (the “TIF Agreement”) between the City, the Finance Authority, and the Developer to reimburse the Finance Authority for the Bonds issued to pay the costs of public infrastructure improvements ...
Click here for full text