Explanation
Background: Ordinance No. 2636-2022, passed by City Council on October 10, 2022 rezoned property generally located at 280 Alton Darby Creek Road on the east side of Alton Darby Creek Road about ±1,400 feet north of W. Broad Street (Franklin County Tax ID parcel No. 470-318353, the “Developer Property”). In 2023, Redwood Galloway Alton Darby Creek Road OH P1 LLC (the “Developer”) purchased the ±42.22 acres encompassing the Developer Property in order to invest approximately $28.25 million to construct about two-hundred seventeen (217) multi-family apartment units. As the rezoned Developer Property is within the City’s area of the Big Darby Accord Watershed Master Plan (2006), the Developer is required to assist implementation of additional public revenue generating programs on the Developer Property for regionally beneficial public infrastructure improvements and Big Darby Accord Watershed Master Plan (2006) purposes consistent with Resolution No. 0216X-2008 adopted by Columbus City Council on April 20, 2009 (the “Big Darby Revenue Program”). Pursuant to Ordinance No. 1501-2023 passed by City Council on June 12, 2023, the Director of the Department of Development entered into the Big Darby - Redwood Development Agreement dated July 28, 2023 (the “Big Darby Agreement”), that has since been assigned to the Developer, to outline the plans and respective commitments of the City and the Developer for the fulfillment of Big Darby Revenue Program including establishing a new tax increment financing (TIF) area for the Developer Property (the “Alton Darby TIF”).
This Ordinance establishes the Alton Darby TIF under Ohio Revised Code Section 5709.40(B). The Alton Darby TIF provides for a ninety-five percent (95%) exemption from real property taxation on improvements to the parcels within the Alton Darby TIF for a not more than a thirty-year coextensive period for all parcels within the Alton Darby TIF. Columbus City Schools will receive, in the same manner as u...
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