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File #: 2563-2020    Version: 1
Type: Ordinance Status: Passed
File created: 11/5/2020 In control: Economic Development Committee
On agenda: 11/23/2020 Final action: 11/25/2020
Title: To amend Ordinance No. 1447-2020 establishing the Rickenbacker-317 TIF to add additional parcels of real property to expand the Rickenbacker-317 TIF; to declare nonresidential improvements to those new TIF parcels to be a public purpose and exempt from real property taxation; to require the owners of those parcels to make service payments in lieu of taxes; to require the distribution of the applicable portion of those service payments to the Eastland-Fairfield Career and Technical Schools, Columbus City School District and Hamilton Local School District; and to deposit the remainder of those service payments in the Rickenbacker-317 TIF Fund; to amend Ordinance No. 1447-2020 to explicitly add the Eastland-Fairfield Career and Technical Schools as one of the “School Districts” to receive compensation from the Rickenbacker-317 TIF in an amount equal to the real property taxes that it would have been paid if the nonresidential improvement to each parcel within the Rickenbacker-317 TIF had ...
Attachments: 1. ORD2563-2020 Amended Exhibit A Rickenbacker-317 TIF Exp 11-4-2020
Explanation
BACKGROUND: Pursuant to the Economic Development Agreement (the
“EDA”) with 1489 Rohr Holding, LLC (the “Developer”), City Council, by its passage of Ordinance No. 1447-2020 on July 6, 2020 (the “Original TIF Ordinance”) and in accordance with Section 5709.40(B) of the Ohio Revised Code, created the Rickenbacker-317 TIF encompassing the Developer’s parcels (the “Site”) and additional parcels to the south currently being developed (the “Off-Site Parcels”). Pursuant to the EDA and the to be executed TIF Agreement authorized by Ordinance No. 1460-2020, the City and Developer have agreed to use service payment in lieu of taxes from the Site (the “Site TIF Revenue”) to finance some of the public infrastructure improvements required in Ordinance No. 3084-2019 rezoning the Site. In the EDA, the City reserved the right to use the service payment in lieu of taxes from the Off-Site Parcels (the “Off-Site TIF Revenue”) to finance additional regional public infrastructure improvements allowed in the Original TIF Ordinance that directly benefit the Site and Off-Site Parcels in the Rickenbacker-317 TIF.

Since the passage of the Original TIF Ordinance, the Department of Development has negotiated with additional developers to bring additional new developments (the “New Off-Site Parcels”) to the far south side of Columbus south of I-270 near Rickenbacker International Airport. In order to address and finance existing and anticipated public infrastructure issues in and around the Rickenbacker-317 TIF area and the New Off-Site Parcels, the Department of Development is proposing to expand the existing Rickenbacker-317 TIF area pursuant to Section 5709.40(B) of the Ohio Revised Code to include the New Off-Site Parcels. This Ordinance expands the Rickenbacker-317 TIF area and provides for a 100% exemption from real property taxation on all nonresidential improvements on the New Off-Site Parcels for a period of not more than thirty (30) years coinciding with the term of t...

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