Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to amend the existing Economic Development Agreement with the City of New Albany to expand the Agreement’s New Revenue/Equity Sharing Area.
The City of Columbus and the City of New Albany entered into an Economic Development Agreement on January 26, 2012, that established the New Revenue/Equity Sharing Area that consists of approximately 2,450 acres located north of Morse Road and east of the Franklin County/Licking County line. Under the Economic Development Agreement, Columbus and New Albany agreed to share net income taxes generated in the New Revenue/Equity Sharing Area and New Albany agreed to pay Columbus equity share payments of $6,000 per acre upon commencement of commercial development in the New Revenue/Equity Sharing Area.
The amendment to the Economic Development Agreement will expand the existing boundaries of the New Revenue/Equity Sharing Area to include an additional 990 acres within Licking County. The amended New Revenue/Equity Sharing Area will be extended east, bounded generally by Morse Road to the south and Jug Street Road NW to the north.
This amendment to expand the New Revenue/Equity Sharing Area is occurring in conjunction with an amendment to increase the service area of the existing Sewer and Water Agreements with the City of New Albany.
This legislation is submitted as an emergency measure in order to enable the Director of the Department of Development to amend the existing Economic Development Agreement with the City of New Albany in order to expand the New Revenue/Equity Sharing Area and to coincide with the Sewer and Water Service Agreement amendments.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend the existing Economic Development Agreement with the City of New Albany to expand the Agreement’s New Revenue/Equity Sharing Area; and to dec...
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