Explanation
Background: Ordinance 1699-2020, passed by Council on November 16, 2020 (the “Rezoning Ordinance), rezoned the 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, the “Developer Property”) now owned by Crown Pointe, LLC, an affiliate of Metro Development, LLC (collectively, the “Developer”) and tax parcel ID 570-301099 (the “Adjacent Property”). The Developer purchased the 9.023 acres encompassing the Developer Property in order to privately invest approximately $18 million to construct one-hundred ninety-two (192) multi-family units and private improvements pursuant to the Rezoning Ordinance. Consistent with the Big Darby Accord Watershed Master Plan and the Rezoning Ordinance, 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. Pursuant to Ordinance 2535-2020 passed by Council on November 23, 2020, the Director of the Department of Development entered into an agreement (the “Big Darby Agreement”) dated December 1, 2020 with the Developer to outline the plans and respective commitments of the City and Developer for the fulfillment of Big Darby Revenue Program requirements, including establishing a new NCA, in relation to the Developer Property and Adjacent Property. On April 7, 2021, a petition for the organization of the Big Darby West Broad Street NCA (the “Petition”) was filed with the Clerk of City Council. By this resolution, City Council, as the organizat...
Click here for full text