Explanation
Background: The City is partnering with the Central Ohio Transit Authority to develop bus rapid transit from Downtown Columbus to Dublin including along Olentangy River Road (the “Northwest BRT Corridor”). The City has implemented ZoneIn Phase 1 and is implementing ZoneIn Phase 2 to allow for higher density residential and mixed-use developments along parts of the Northwest BRT Corridor. OP Development, LLC (the “Developer”), an affiliate of Crawford Hoying, Ltd., is constructing an approximately $33.16 million mixed-use five-story building with approximately 147 residential units along with associated parking and amenities (the “Cardington Flats”) on or adjacent to Franklin County Parcel ID No. 010-305900 along the Northwest BRT Corridor. The Developer requested tax increment financing (TIF) to support public infrastructure improvements including but not limited to an extension of public right-of-way for OhioHealth Parkway with utilities to the south connecting to Olentangy River Road.
City Council passed Ordinance No. 2039-2025 establishing a new TIF area over Cardington Flats and other property owned or controlled by the Developer or its affiliates (the “Olentangy 315 South TIF”). City Council also previously passed Ordinance No. 1224-2009 and Ordinance No. 2189-2011 to previously establish two additional TIF areas now adjacent to the Olentangy 315 South TIF (respectively, the “OhioHealth TIF” and the “Olentangy & North Broadway TIF”). This Ordinance will authorize a tax increment financing agreement (the “TIF Agreement”) between the City and the Developer to reimburse the Developer for the public infrastructure improvements described herein. This Ordinance will also appropriate and authorize the expenditure or transfer of the funds generated from the Olentangy 315 South TIF, OhioHealth TIF, and Olentangy & North Broadway TIF in accordance with the TIF Agreement. Future monies generated by the OhioHealth TIF and Olentangy & North Broadway TIF wil...
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