Explanation
Background:
City Council by Ordinance 2117-2005 created ten tax increment financing (TIF) incentive districts in NE Columbus pursuant to Ohio Revised Code Section 5709.40(C) including the “Preserve TIF,” “Dublin-Granville South TIF,” and “Dublin-Granville North TIF”. Ordinance 2117-2005 has since been amended for various reasons by Ordinances 0715-2009, 2258-2014, 3123-2016, and 2791-2020 (collectively, the “TIF Ordinance”). Ordinance 2791-2020 (the “New TIF Ordinance”) amended the TIF Ordinance and the Dublin-Granville South and North TIF incentive districts in order to remove parcels from them to combine with other parcels to establish a new separate tax increment financing area pursuant to Ohio Revised Code Section 5709.40(B) (the “Dublin-Granville East TIF”). The service payments in lieu of taxes from the Preserve TIF, Dublin-Granville South TIF, Dublin-Granville North TIF, and the Dublin-Granville East TIF are pledged under the Amended and Restated Tax Increment Financing & Reimbursement Agreement dated February 28, 2022 between Hamilton Crossing LLC (the “Developer”) and the City, as authorized by Ordinance 1421-2021.
The Developer has requested the City to amend the boundaries of the Preserve, Dublin-Granville North, and the Dublin-Granville East TIFs in order to fully enclose certain parcels wholly within those TIFs. Due to subsequent parcel combinations after the adoption of the TIF Ordinance and the New TIF Ordinance, Franklin County Tax Parcels 010-274689, 010-247888, and 010-220083 are currently split so a majority of each parcel is within a TIF and a lesser amount is not within any TIF. In addition to causing less revenue to be made available to the City’s TIF, these parcels split between TIFs also create an administrative burden for the Franklin County, Ohio Auditor’s Office. This Ordinance will amend the TIF Ordinance and the New TIF Ordinance and any of their exhibits to adjust the boundaries of the Preserve, Dublin-Granville North...
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