Explanation
Background: Pulte Homes of Ohio, LLC and Harmony Development Group, LLC (together, the “Developers”) purchased or have options to purchase ±369.2 acres within Columbus near the intersection of Alton & Darby Creek Road and Renner Road (the “Developers’ Property”) in order to construct the “Sugar Farm” and “Renner South” residential developments in addition to public infrastructure improvements serving both of these areas. Pursuant to Ordinance 1557-2020, the Director of the Department of Development entered into the “Big Darby - Sugar Farm and Renner South Plan Agreement” dated March 10, 2021 with the Developers to outline the plans and respective commitments of the City and the Developers for the fulfillment of the “Big Darby Revenue Program” requirements as established by Resolution 0216X-2008, including but not limited to, establishing a new community authority (“NCA”) and new tax increment financing (“TIFs”). Resolution 0118X-2021 and Resolution 0243X-2021 established the Sugar Farm-Renner South NCA (“SFRS NCA”) according to Ohio Revised Code (“ORC”) Chapter 349 as a body politic and corporate within the boundaries of the Developers’ Property. The Developers and the City agreed the SFRS NCA would impose 6.5 mills on the Developers’ Property for thirty years. The NCA charges received from the 6.5 mills by the SFRS NCA will be allocated first to provide an allowance to cover administrative costs of the SFRS NCA, and the remaining balance (the “Available Charge Revenue”) will be used for public infrastructure improvements. Ordinance 3248-2021 established a new 30-year, 95% TIF area pursuant to ORC Section 5709.40(B) for the part of Sugar Farm including parcel number 203-304335 (the “Sugar Farm 40(B) TIF”). Following approval, pursuant to Ordinance 3319-2021, of the “County Compensation Agreement” with Franklin County required by ORC Section 5709.40(E), Ordinance 3259-2021 established two new 30-year, 95% TIF incentive districts pursuant to ORC Section ...
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