Explanation
Background: Ordinance No. 2189-2011 established a tax increment financing (TIF) area pursuant to Ohio R.C. Section 5709.40(B) along Olentangy River Road between North Broadway and Ackerman Road (the “Olentangy & North Broadway TIF”). The City is now in the process of partnering with the Central Ohio Transit Authority to develop bus rapid transit from Downtown Columbus to Dublin including along Olentangy River Road (the “Northwest BRT Corridor”). The City has implemented ZoneIn Phase 1 and is implementing ZoneIn Phase 2 to allow for higher density residential and mixed-use developments along parts of the Northwest BRT Corridor. In addition, two separate projects have been proposed along the Northwest BRT Corridor with one such project proposed by Crawford Hoying, Ltd. and/or its affiliates (together, the “Developer”) within the Olentangy & North Broadway TIF for which the Developer has requested tax increment financing to support public infrastructure improvements for the project as allowed under R.C. Section 5709.40(A)(8).
This Ordinance will authorize the Director of the Department of Development to enter into an Economic Development Agreement with the Developer, and authorize an amendment to the Olentangy & North Broadway TIF for such aforementioned purposes. This Ordinance will also establish a new tax increment financing area near 3368 and 3380 Olentangy River Road on Franklin County Tax Parcel ID Nos. 010-103644, 010-087765, 010-305899, 010-305900, and 010-305901 (the “Olentangy 315 South TIF”) pursuant to R.C. Sections 5709.40(B), 5709.42, 5709.43. The proposed Olentangy 315 South TIF will provide for a one-hundred percent (100%) exemption from real property taxation on the improvements to the parcel(s) within such TIF for a concurrent period for all parcel(s) of not more than thirty (30) years. Columbus City Schools will receive, in the same manner as usual, all amounts they would have received in real property taxes had the tax exemption her...
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