Explanation
Background: Pursuant to the Big Darby Accord Watershed Master Plan and Resolution 0216X-2008 adopted by City Council on April 20, 2009, three revenue generation sources were identified: tax increment financing (TIF), new community authority (NCA) development charges, and per unit developer contributions for Big Darby Accord public improvements and other regionally beneficial public improvements within the Big Darby Accord area (the “Big Darby Revenue Program”). Ordinance 0411-2021 passed by Council on October 11, 2021 (the “Rezoning Ordinance) rezoned the ±126.3 acres of property at or near the southeast corner of the intersection of West Broad Street and Alton Darby Creek Road and generally located at 6145 West Broad Street (tax parcel ID 010-256886 owned by both GMT Property Holdings LLC and Rock Capital Holdings LLC, and tax parcel ID’s 010-306518 and 010-306519 owned by Darby Crossing Apartments LP, the tax parcels collectively being, the “Developer Property,” and the companies collectively being, the “Owners”). The Owners plan to cause the private investment of approximately $96.2 million to construct 260 multi-family units, 191 single family units, 150,000 square feet of commercial uses, and private improvements pursuant to the Rezoning Ordinance. Consistent with the Big Darby Accord Watershed Master Plan and the Rezoning Ordinance, the Developer Property is subject to the requirements of the Big Darby Revenue Program. Pursuant to Ordinance 2659-2021 passed by City Council on October 25, 2021, the Director of the Department of Development entered into the Big Darby - Blauser Farms Development Agreement dated November 22, 2021 to outline the plans and respective commitments for the fulfillment of Big Darby Revenue Program requirements including adding the Developer Property to the “Big Darby West Broad Street NCA” established in accordance with the petition submitted by Crown Pointe LLC, and assigned to Metro Development, LLC, pursuant to Resolut...
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