Explanation
Background: This legislation authorizes the Director of the Department of Development to enter into a Tax Increment Financing Agreement with Coulter Properties, LLC (the “Developer”) providing for the reimbursement of soft and construction costs, including demolition, adjacent to the Rogue Fitness expansion, which such expansion is located on property co-owned by the Developer. Ordinance No. 3097-2015, as amended by Ordinance No. 1988-2023, created and expanded a non-school tax increment financing area pursuant to R.C. Section 5709.40(B) in the vicinity of the Milo-Grogan neighborhood (the “Milo-Grogan TIF”), declared that 100% of the increased value of non-residential improvements to certain parcels of real property located within the Milo-Grogan TIF to be a public purpose exempt from taxation for a period of 30 years, and required the property owners within the Milo-Grogan TIF to make service payments in lieu of taxes for the same amounts as their property taxes as if the improvements to their parcels had not been exempted. The Developer is proposing to invest a total project cost of approximately $48,245,000.00 to expand the existing corporate headquarters of Rogue Fitness by 270,000 square feet. Additionally, Rogue Fitness proposes to create 30 new full-time permanent positions with an estimated annual payroll of approximately $1,698,000.00 and retain 665 full-time jobs. Approval is requested for the transfer, appropriation, and expenditure for the reimbursement of soft and construction expenses, including demolition, of public infrastructure improvements adjacent to the Rogue Fitness expansion including, but not limited to, those costs incurred prior to the execution of the purchase order, starting January 1, 2026.
Fiscal Impact: The City is transferring, appropriating, and authorizing the expenditure of up to $81,421.83 deposited within the Milo-Grogan TIF Fund (7469) to Coulter Properties, LLC for soft and construction costs, including demoli...
Click here for full text