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 Nationwide Realty Investors, Ltd. (NRI). The MOU will outline the plans and certain commitments of the parties relating to the relocation of Nationwide Insurance jobs to the downtown and development of Grandview Yard and the surrounding area. The plans and proposals remain subject to authorization pursuant to the adoption of appropriate legislation by Columbus City Council.
Under the MOU, subject to adoption of a future ordinance(s), the City will establish a non-school Tax Increment Finance District (TIF) within the Olentangy River Road corridor area. Proceeds from the TIF will be used to make public infrastructure improvements in the Columbus portion of the Olentangy River Road corridor area unless otherwise agreed to by the City and its partners. Public infrastructure improvements include, but are not limited to, the widening of 3rd Avenue (including the widening of the Third Avenue Railroad Bridge) between Olentangy River Road and Edgehill Road.
In addition, Nationwide Insurance will move 1,400 jobs new to Downtown Columbus on or before December 31, 2011. Legislation will be submitted to City Council that provides a 50%, 10-year Downtown Office incentive for jobs exceeding 1,400 as compared to January 1, 2010.
Furthermore, the City and NRI will fully cooperate on the development of Grandview Yard including, but not limited to, engineering for railroad bridge widening and utility connections. The City will partner with the City of Grandview Heights and NRI to pursue State and Federal grant dollars and other funding for infrastructure supporting Grandview Yard and surrounding area.
The MOU provides that the City, subject to adoption of a future ordinance(s), will establish a 10-year year, 75% property tax abatement on any parking facilities built in downtown Columbus ...
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