Explanation
Background: M/I Homes of Central Ohio, LLC, Pulte Homes of Ohio, LLC, SW Luxury Apartment Homes, LLC and Walnut Land Holding, LLC (collectively, the “Developers”) plan to develop or are developing approximately ±227.13 acres (the “Developers’ Property”) located within the far northeast area of the City of Columbus. Pursuant to Ordinance 1703-2017, the southeastern portion of the Developers’ Property along Harlem Road may have a maximum 296-unit residential development, and pursuant to Ordinance 1765-2019, as amended by Ordinance 0486-2020, the northwestern part of the Developers’ Property along Walnut Street allows for a maximum of 765 mixed-residential units, altogether an estimated $318,000,000 value in improvements. Pursuant to Ordinance 2932-2019 and Ordinance 2934-2019, respectively, the Director of the Department of Development entered into separate agreements dated March 11, 2019 with Pulte Homes of Ohio, LLC (the “Harlem Road Plan”) and November 22, 2019 with Cimenello Incorporated (the “Walnut Street Plan”). The Harlem Road Plan and the Walnut Street Plan identified three public revenue generation sources, including tax increment financing (“TIF”), for financing regionally beneficial public infrastructure improvements to grow with a plan in NE Columbus. A portion of the Developers’ Property which has not already been included in an existing TIF incentive district nor has already been developed and which encompasses about 706 new residential units with a value of approximately $142,000,000 will be included in this new TIF incentive district in accordance with the Harlem Road Plan and Walnut Street Plan.
This Ordinance establishes a TIF incentive district under Ohio Revised Code Section 5709.40(C). The proposed TIF incentive district (the “Harlem-Walnut Incentive District”) is “L” shaped, and bounded by Harlem Road to the most eastern extent, Walnut Street to the most northern extent, the City’s Walnut South and Hamilton-Central College Incen...
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