Explanation
Background: The City Department of Development has determined to facilitate the urban redevelopment of certain parcels of real property generally located at the northeast corner of Dublin Road and Trabue Road, and, in connection with that redevelopment, the City has entered into an Economic Development Agreement with Wagenbrenner Development providing for the redevelopment plan for the parcels and, as part of that plan, providing for the creation of tax increment financing (TIF) areas on the redevelopment parcels pursuant to Section 5709.40(B) of the Ohio Revised Code.
In order to implement the redevelopment plan under the Economic Development Agreement, the attached Ordinance establishes a TIF area and provides for a 100% exemption from real property taxation on all improvements to the parcels within the TIF area for a period of not more than thirty (30) years. The Hilliard City School District and the Central Ohio Joint Vocational School District (Tolles) will receive, in the same manner as usual, all amounts that it 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 improvements to the TIF parcels. The applicable portion of those service payments will be distributed directly to the Hilliard City School District and the Central Ohio Joint Vocational School District, with the remaining non-school portion of those service payments paid to the City for deposit into the applicable TIF fund established in this Ordinance, to be used to fund infrastructure improvements benefiting the TIF parcels pursuant to a separately authorized TIF and Cooperative Agreement.
Emergency Justification: Emergency legislation is required to allow for immediate effectiveness of this ordinance, which is necessary in order to enable the timely redevelopment of the above described project.
Fiscal Impact: No funding is required for this legislation. The City is foregoing r...
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