Explanation
BACKGROUND: City Council created a tax increment financing area near the northwest intersection of Old Dublin Road and Trabue Road pursuant to Section 5709.40(B) of the Ohio Revised Code (the “Old Dublin Road TIF”) by its passage of Ordinance No. 1237-2015 on June 9, 2015. In order to fund additional public infrastructure improvements in and around the West Scioto Area Commission, City Council expanded the Old Dublin Road TIF area pursuant to Section 5709.40(B) of the Ohio Revised Code by its passage of Ordinance No. 3168-2019 on December 16, 2019. In order to fund additional public infrastructure improvements benefiting proactive industrial development in and around the former Buckeye Yard intermodal railroad terminal on Franklin County Auditor Tax Parcel ID Nos. 560-316942, 560-316943, 560-316944, 560-316945, 560-316946, and 560-316947 (collectively, the “Buckeye Yard Parcels”), the Department of Development has submitted legislation for City Council consideration of a second expansion of the Old Dublin Road TIF area pursuant to Section 5709.40(B) of the Ohio Revised Code.
As the owner of the Buckeye Yard Parcels, Buckeye XO, LLC (the “Developer”), is planning to sell to a purchaser that will redevelop a portion of the Buckeye Yard Parcels with a facility (the “Private Project”) that will retain and generate new jobs and employment opportunities within the City. To enable the construction of the Private Project, certain public easements at the Buckeye Yard Parcels must be acquired over and within Franklin County Auditor Tax Parcel ID No. 560-316947 (Buckeye Yard Phase 1 Reserve A) (such acquisition, the “Public Project,” with the easement area acquired being the “Project Site”) to support the Private Project and additional proactive industrial development in the vicinity A portion of the surplus TIF money from the 2019 and 2023 expansions of the Old Dublin Road TIF not already pledged under agreements with Columbus-Franklin County Finance Authorit...
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