Explanation
Background: Ordinance No. 2069-2021, passed by City Council on July 26, 2021, authorized the Director of the Department of Development on behalf of the City to enter into the Memorandum of Understanding (the “MOU”) with The Ohio State University (“OSU”) concerning the redevelopment of OSU’s west campus within the City between the CSX railroad to the east, North Star Road to the west, Lane Avenue to the north, and the southern boundary of the parcels running along the south side of Kinnear Road (the “Innovation District”). Pursuant to the MOU, City Council passed Ordinance No. 3171-2021 on December 13, 2021 to establish a non-school tax increment financing (TIF) area pursuant to R.C. Section 5709.40(B) over the Innovation District (the “Innovation District TIF”). The non-school portion of those service payments in lieu of taxes from the Innovation District TIF paid to the City are to be used to reimburse OSU for public infrastructure improvements benefiting the Innovation District TIF. To provide for the reimbursement, City Council passed Ordinance No. 3247-2021 on December 13, 2021 to authorize the Tax Increment Financing Agreement dated April 8, 2022 (the “TIF Agreement”) by and between the City and OSU. Pursuant to the TIF Agreement, OSU has provided its written consent and requested that the City expand its residential tax incentive area pursuant to R.C. Sections 3735.65 through 3735.70 over the Innovation District TIF. This Ordinance will amend Ordinance No. 3171-2021 to make the Innovation District TIF subordinate to the expanded residential tax incentive area and to modify the commencement start date of the Innovation District TIF. This Ordinance will also authorize the Director of the Department of Development to amend the TIF Agreement for the same reasons.
Fiscal Impact: No funding is required for this legislation.
Title
To amend Ordinance No. 3171-2021 that created the Innovation District TIF to update the “Authorized Superior Exemptio...
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