Explanation
1. BACKGROUND
City Council, through its passage of Ordinance 2117-2005 on December 12, 2005, authorized the creation of 10 tax increment financing districts to provide funding for public infrastructure improvements in certain portions of northeast Columbus. That legislation stipulated that the owners of relevant real property are required to make payments in lieu of real property taxes, which are to be distributed to neighboring school districts and designated tax increment equivalent funds. That revenue has and continues to be used at the direction of the City for the purpose of funding public improvements benefitting the northeast area of the City.
This ordinance authorizes the Director of the Department of Public Service to enter into a Construction Guaranteed Maximum Reimbursement Agreement with Lifestyle Communities, LLC (the “Developer”) relative to the Roadway Improvements - Lifestyles - New Albany Rd Oblongabout project, memorializing a pact between the City and the Developer concerning the construction of various public improvements in the Rocky Fork-Blacklick Community Planning Area.
Lifestyle Communities, LLC is or will be the owner of 34.4+/- acres of property located at 6106 Central College Road and is the owner of 16.4+/- acres of property at 6490 Harlem Road, which overlap portions of the New Albany West-Central College TIF District and the Harlem-Central College TIF District. The Columbus Development Commission previously recommended rezoning the aforementioned property to permit residential and other development.
The Roadway Improvements - Lifestyles - New Albany Rd Oblongabout project encompasses reconstructing New Albany Road West from Central College Road to Churchhill Downs Drive; relocating the curb line to accommodate lane configuration changes and a combination of diagonal and parallel parking; installing an oblong roundabout between Central College Road and Churchhill Downs Drive; installing new sidewalk, street trees, ...
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