Explanation
Background: The Department of Development has submitted an ordinance to this Council to authorize the Director of Development to enter into an amended Economic Development Agreement (“Amended EDA”) with Hamilton Crossing, LLC (the “Company”) and members of the Development Team from the original Economic Development Agreement dated September 24, 2015. Pursuant to the Amended EDA, the parties desire for City Council to approve Tax Increment Financing (“TIF”) under Section 5709.40(B) of the Ohio Revised Code to finance the design and construction of public infrastructure improvements that will directly benefit the property within the TIF area and will support the Company’s proposal to construct approximately $75,000,000 to $85,000,000 of Class A office, retail, and mixed use development on approximately ±96.21 acres of real property owned by the Company and its wholly owned subsidiaries located to the south of the N. Hamilton Road and State Route 161 interchange.
In order to implement the Amended EDA, the attached ordinance will amend Ordinance 2117-2005, previously amended by Ordinance 0715-2009, to 1) modify the authorized supplemented list of public infrastructure improvements and 2) remove certain parcels from the existing Dublin-Granville North and Dublin-Granville South TIF districts and 3) add the removed parcels to additional parcels currently not in a TIF to establish a new non-school TIF area known as “Dublin-Granville East” and provide for a 100% exemption from real property taxation on all improvements to the parcels within the new TIF area for a period of not more than thirty (30) years. Annual service payments in lieu of taxes will be made with respect to improvements to the new TIF parcels. The applicable portion of those service payments will be distributed directly to the Columbus City School District and New Albany Plain Local School District, in the same manner as usual, in the amount that the school districts would have received in re...
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