Explanation
BACKGROUND: The purpose of this ordinance is to give the Director of the Department of Development the authority to enter into a Memorandum of Understanding (MOU) with The Board of Trustees of Franklin Township (Township). The MOU will outline the plans and certain commitments of the parties relating to the development of a casino at the site of the former General Motors/Delphi Corporation manufacturing plant. The plans and proposals remain subject to authorization pursuant to the adoption of appropriate legislation by Columbus City Council and The Board of Trustees of Franklin Township.
Under the MOU, subject to adoption of a future ordinance(s), the City will establish a JEDD (Joint Economic Development District) around the West Broad Street corridor area and the Fisher and Georgesville/Phillipi corridor areas focused on improving these corridor areas. The JEDD's term will not exceed 50 years and will include a 50 year non-annexation agreement for those properties located in the potential JEDD area. Any proposed revenue from the JEDD would not be generated from any areas which are already located in the City of Columbus and subject to the 2.5% income tax. 70% of the income tax revenue that is collected will be used to incentivize the JEDD creation effort and to undertake projects within the area. The remaining 30% of the income tax revenue will be split evenly between the Parties.
In addition, subject to adoption of an intergovernmental agreement through a future ordinance(s), the parties will establish a project fund by setting aside 2% of the total income tax revenue collected from the Delphi Site for the first five years of operation to be used to encourage businesses to participate in the JEDD, to assist in the mobilization, creation and coordination of the business working group in their effort to enhance the economic viability of the corridor area, and to make improvements in the right-of-way and other projects to revitalize the W...
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