Explanation
BACKGROUND: City Council created the Old Dublin Road TIF by its adoption of Ordinance No. 1237-2015 on June 9, 2015. In order to address existing traffic issues in and around the TIF area, and to fund additional public infrastructure improvements in and around the TIF area, The Department of Development is proposing to expand the existing TIF area pursuant to Section 5709.40(B) of the Ohio Revised Code. This ordinance expands that TIF and provides for a 100% exemption from real property taxation on all nonresidential development on the additional TIF parcels for a period of not more than thirty (30) years. The TIF money will be used to finance a sanitary sewer lines, traffic improvements, and other infrastructure improvements needed in the area. The Hilliard City School District, the Columbus City School District, South Western City School District and the Tolles Career & Technical School District (collectively the “School Districts”) will receive, in the same manner as usual, all amounts that they would have received in real property taxes had the tax exemption not been granted. Annual service payments in lieu of taxes will be made with respect to new private nonresidential development on the TIF parcel. The applicable portion of those service payments will be distributed directly to the School Districts, with the remaining non-school portion of those service payments paid to the City for deposit into the TIF fund established in the Ordinance to be used to fund public improvements benefiting the TIF parcels.
Emergency is required in order to facilitate the development of the Parcels by providing funds for current and future infrastructure improvements within and surrounding the Parcels without delay.
FISCAL IMPACT: No funding is required for this legislation. The City is foregoing real property tax revenue that it would have received with respect to development on the TIF parcels. Instead, the non-school portion of that revenue will be diverted ...
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