Explanation
Background: Metro Development, LLC (the “Developer”) has applied for rezoning (Rezoning Application #Z19-030) and received approval from the Development Commission in September 2019 to rezone property at or near the northwest corner of the intersection of West Broad Street and Doherty Road and generally located at 5960 West Broad Street (tax parcel ID 570-184818 known as the “Developer Property” and tax parcel ID 570-301099 known as the “Adjacent Property”). The Developer intends to purchase the 9.023 acres encompassing the Developer Property in order privately invest approximately $18 million to construct one-hundred ninety-two (192) multi-family units and private improvements (the “Development”). Consistent with the Big Darby Accord Watershed Master Plan and Ordinance 1699-2020 (the “Rezoning Ordinance”) submitted for City Council consideration, the Developer Property and Adjacent Property are subject to the requirements of the Big Darby Revenue Program pursuant to Resolution 0216X-2008 adopted by Columbus City Council on April 20, 2009. The Big Darby Revenue Program identified three revenue generation sources: tax increment financing (TIF), new community authority (NCA) charges, and per unit developer contributions (collectively the “Big Darby Revenue”) for Big Darby Accord Purposes, i.e. Big Darby public improvements, and other regional public improvements. This legislation authorizes the Director of the Department of Development to enter into an agreement (the “Big Darby Agreement”) with the Developer to outline the plans and respective commitments of the City and Developer for the fulfillment of Big Darby Revenue Program requirements in relation to the Developer Property and Adjacent Property.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Big Darby Agreement with Metro Development, LLC (the “Developer”) to outline the plans and commitments of the C...
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