Explanation
Background: The Ohio State University (“OSU” or the “Developer”) is in the early stages of a major expansion of its west campus within the City between the CSX railroad to the east, North Star Road to the west, Lane Avenue to the north, and the southern boundary of the parcels running along the south side of Kinnear Road (the “Innovation District”). OSU intends to make or cause to be made $3 to $4 billion in capital investments within the Innovation District over a period of twenty to thirty years. These improvements are currently expected to include 1,500 to 2,000 residential units; 100,000 to 200,000 square feet of retail; a 180 to 220-bed hotel; up to 500,000 square feet of medical facilities; and 4 to 6 million square feet of laboratory and commercial office space. Pursuant to Ordinance 2069-2021 passed by City Council on July 26, 2021, the City and OSU were authorized to enter into a memorandum of understanding to outline the City and OSU’s anticipated commitments. OSU expects up to 12,000 jobs will be created in the Innovation District with an estimated payroll of up to $950 million annually, that 20% of the residential units will be developed as workforce housing, that OSU will use good faith efforts to employ minority and women owned business enterprises for 30 % of the work, and will collaborate with Columbus State Community College and Columbus City Schools to grow STEAMM (Science, Technology, Engineering, Art, Mathematics and Medicine) talent in the City. Upon authorization of additional legislation to be submitted to City Council for consideration, the City intends to provide a new 40% Jobs Growth Incentive (JGI) for 25 years.
This Ordinance establishes a new non-school tax incrementing financing (“TIF”) area under Ohio Revised Code Section 5709.40(B) encompassing the Innovation District and the Franklin County tax ID parcels identified in Exhibit A attached hereto (the “Innovation District TIF”). The Innovation District TIF provides for ...
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