Explanation
Background: Due to increasing development pressure along Hayden Run in northwest Columbus during the early 2000’s, City Council adopted the Interim Hayden Run Corridor Plan pursuant to Ordinance 0662-2004. Next, City Council authorized the City to enter into a Memorandum of Understanding dated November 22, 2004 (the “NW MOU”) with MI Homes of Central Ohio, LLC, Dominion Homes, Inc., Huntington Tower Associates, LLC, Lifestyle Communities Ltd., and Franklin County pursuant to Ordinance 1433-2004. Then, City Council adopted the Hayden Run Corridor Economic Development Plan pursuant to Ordinance 1959-2004. Finally, City Council passed Ordinance 0349-2005 (as amended by Ordinance 2592-2014, the “TIF Ordinance”) to establish two tax increment financing (TIF) incentive districts on the south and north sides of Hayden Run Boulevard (with the northern TIF being, the “Hayden Run North TIF”) to provide funding for public infrastructure improvements in accordance with the plans and NW MOU.
A successor of and subsequent developer who acquired property of Huntington Tower Associates, LLC, Hilliard 853, LLC (the “Developer”), is causing the design and construction of a daycare / preschool within approximately ±1.00 acre of real property near the southeast corner of Hayden Run Road and Leppert Road and the Hayden Run North TIF. The City and the Developer have determined, in relation to the NW MOU, to have the Developer cause the design and construction of certain public infrastructure improvements near the property serving the Hayden Run North TIF. This legislation will authorize the Director of the Department of Development to enter into a Tax Increment Financing Agreement (the “TIF Agreement”) with the Developer to reimburse it for the soft costs and hard costs of those public infrastructure improvements. This legislation will also appropriate and authorize the expenditure of the service payments from the Hayden Run North TIF for remittance to the Developer purs...
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