Explanation
Background: Ordinance No. 2069-2021 passed by City Council on July 26, 2021 authorized the Director of the Department of Development on behalf of the City to enter into a Memorandum of Understanding dated March 23, 2022 with The Ohio State University (“OSU”) to outline the plans and anticipated commitments of the City and OSU related to the redevelopment of OSU’s west campus (the “Innovation District”). Ordinance No. 3268-2021, passed by City Council on December 13, 2021, authorized the Director of the Department of Development on behalf of the City to enter into the Housing Development Agreement dated April 12, 2022 (the “HDA”) with OSU that requires OSU to maintain a certain percentage of residential housing units to be constructed in the Innovation District to meet certain affordability requirements. Ordinance No. 3247-2021 passed by City Council on December 13, 2021 authorized the Director of the Department of Development on behalf of the City to enter into the Tax Increment Financing Agreement dated April 8, 2022 (the “TIF Agreement”) by and between the City and OSU. Pursuant to the TIF Agreement, OSU has provided written consent and requested that the City expand its residential tax incentive area pursuant to R.C. Sections 3735.65 through 3735.70 over the Innovation District. The City will submit separate legislation for City Council consideration to expand such residential tax incentive area over the Innovation District and to amend the TIF Agreement. The purpose of this legislation is to authorize an amendment to the HDA to update the affordable housing obligations contained therein to substantially align with those required by Chapter 4565 of the Columbus City Codes.
Fiscal Impacts: There is no fiscal impact for this legislation.
Title
To authorize the Director of the Department of Development to enter into an amendment to the Housing Development Agreement dated April 12, 2022 with The Ohio State University to update the affordable hous...
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