Explanation
Background: The City determined to facilitate the urban redevelopment of approximately 300 acres of real property generally located at the northeast corner of Dublin Road and Trabue Road. The redevelopment includes about 80 acres of approximately 20,000 square feet of Class A office space, 600 multi-family housing units, 440 single family homes and condominiums, up to 50,000 square feet of retail space (collectively, the “Project”) to be constructed during three separate phases (the “Phases”), and includes 220 acres for the new Quarry Trails Metro Park. In connection with that redevelopment and pursuant to Ordinance 3075-2017, the City entered into an Economic Development Agreement dated September 9, 2019 (the “EDA”) with Marble Cliff Canyon, LLC (the “Developer”). Under the EDA, it contemplated the creation of tax increment financing (“TIF”) area for the Project pursuant to Section 5709.40(B) of the Ohio Revised Code as well as a new community authority (“NCA”) pursuant to Chapter 349 of the Ohio Revised Code. Therefore, in order to implement the EDA, Council passed Ordinance 3176-2019 to establish the Quarry TIF area to provide 100%, 30-year exemptions from real property taxation on all improvements to each of the Phases within the Quarry TIF area. Pursuant to the passage of Resolutions 0268X-2019 and 0284X-2019, the Marble Cliff Quarry NCA (the “Authority) was created of which the Project parcels are a part thereof.
The applicable portion of those service payments from the Quarry TIF will be distributed directly to the Hilliard City School District and the Central Ohio Joint Vocational School District (Tolles) with the remaining non-school portion of those service payments paid to the City. Those non-school service payments from the Quarry TIF Fund are pledged to the Authority to be used to fund public infrastructure improvements benefiting the TIF parcels pursuant to Ordinance 3253-2019, which authorized the Tax Increment Financing and Cooperativ...
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