Explanation
BACKGROUND: Pursuant to the Economic Development Agreement (the
“EDA”) with 1489 Rohr Holding, LLC (the “Developer”), City Council, by its passage of Ordinance No. 1447-2020 on July 6, 2020 (the “Original TIF Ordinance”) and in accordance with Section 5709.40(B) of the Ohio Revised Code, created the Rickenbacker-317 TIF encompassing the Developer’s parcels (the “Site”) and additional parcels to the south currently being developed (the “Off-Site Parcels”). Pursuant to the EDA and the to be executed TIF Agreement authorized by Ordinance No. 1460-2020, the City and Developer have agreed to use service payment in lieu of taxes from the Site (the “Site TIF Revenue”) to finance some of the public infrastructure improvements required in Ordinance No. 3084-2019 rezoning the Site. In the EDA, the City reserved the right to use the service payment in lieu of taxes from the Off-Site Parcels (the “Off-Site TIF Revenue”) to finance additional regional public infrastructure improvements allowed in the Original TIF Ordinance that directly benefit the Site and Off-Site Parcels in the Rickenbacker-317 TIF.
Since the passage of the Original TIF Ordinance, the Department of Development has negotiated with additional developers to bring additional new developments (the “New Off-Site Parcels”) to the far south side of Columbus south of I-270 near Rickenbacker International Airport. In order to address and finance existing and anticipated public infrastructure issues in and around the Rickenbacker-317 TIF area and the New Off-Site Parcels, the Department of Development is proposing to expand the existing Rickenbacker-317 TIF area pursuant to Section 5709.40(B) of the Ohio Revised Code to include the New Off-Site Parcels. This Ordinance expands the Rickenbacker-317 TIF area and provides for a 100% exemption from real property taxation on all nonresidential improvements on the New Off-Site Parcels for a period of not more than thirty (30) years coinciding with the term of t...
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