Explanation
Background: WestBend QOZB, LLC (the “Developer”), an affiliate of Thrive Companies LLC, and the City entered into the Economic Development Agreement dated April 19, 2024, as amended by the First Amendment to Economic Development Agreement dated August 19, 2026 (together, the “EDA”), pursuant to Ordinance No. 1866-2023 passed by City Council on July 31, 2023 and Ordinance No. 1511-2026 passed by City Council on June 22, 2026. The EDA provides for the mutual commitments and obligations made towards the former Buckeye Auto Parts brownfield site consisting of approximately 50.28 acres of the real property at the southwest, southeast, and northeast, corners of the intersection of Fisher Road and McKinley Avenue and between the New York Central Railroad to the west and the Scioto River to the east (the “Site”). The Developer intends to invest nearly $200 million and privately develop in multiple phases approximately 895 apartment units (including affordable housing units), up to 8,000 square feet of retail, off-street surface parking, and appropriate associated amenities. The City committed in the EDA to form over the Site a tax increment financing area pursuant to R.C. Section 5709.40(B) (the “WestBend TIF”) and a new community authority pursuant to R.C. Chapter 349 (the “WestBend Community Authority”) to reimburse various development revenue bonds (the “Bonds”) issued by the WestBend Community Authority to pay for the costs of certain public infrastructure improvements described in the EDA. This Ordinance will authorize the tax increment financing and cooperative agreement (the “TIF Agreement”) between the City, the WestBend Community Authority, and the Developer to reimburse the WestBend Community Authority for the Bonds issued to pay the costs of the public infrastructure improvements described therein. This Ordinance will also appropriate and authorize the expenditure or transfer of the funds generated by the WestBend TIF in accordance with the TIF Agr...
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