Explanation
Background: This Council by its Ordinance 2189-2020 authorized the Director of Development to enter into an amended Economic Development Agreement (“Amended EDA”) with Hamilton Crossing, LLC (the “Company”) and members of the Development Team from the original Economic Development Agreement dated September 24, 2015. Pursuant to the Amended EDA, the parties desired for City Council to approve Tax Increment Financing (“TIF”) under Section 5709.40(B) of the Ohio Revised Code to finance the design and construction of public infrastructure improvements that will directly benefit the property within the TIF area and will support the Company’s proposal to construct approximately $75,000,000 to $85,000,000 of Class A office, retail, and mixed use development on approximately ±96.21 acres of real property owned by the Company and its wholly owned subsidiaries located to the south of the N. Hamilton Road and State Route 161 interchange.
In order to implement the Amended EDA, Council approved Ordinance 2188-2020 to create a TIF under Section 5709.40(B) of the Ohio Revised. In order to correct a technical error, this Ordinance will repeal and replace Ordinance 2188-2020 to ensure that the Eastland-Fairfield Career & Technical Schools are properly noticed and included in the list of school districts to which service payments will be distributed in the amount that the school districts would have received in real property taxes had the tax exemption not been granted.
This Ordinance will amend Ordinance 2117-2005, previously amended by Ordinance 0715-2009, to: 1) modify the authorized supplemented list of public infrastructure improvements, and 2) remove certain parcels from the existing Dublin-Granville North and Dublin-Granville South TIF districts. This Ordinance will also add the removed parcels and additional parcels currently not in a TIF to a new non-school TIF area known as “Dublin-Granville East” and provide for a 100% exemption from real property tax...
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