Explanation
Background: Ordinance No. 1159-2005 established two tax increment financing (TIF) areas and three TIF incentive districts pursuant to Ohio Revised Code Sections 5709.40(B) and 5709.40(C) respectively, near the E. Broad Street corridor between I-270 and the Franklin-Licking County boundary (collectively, the “E. Broad TIFs”) to support the Economic Development Plan for the East Broad Street Planning Area adopted pursuant to Ordinance No. 2124-2004. Subsequently by authorization of Ordinance No. 2046-2022, the City and Trident Broad Development LLC (the “Developer”) entered into the Economic Development Agreement dated March 13, 2024 (the “Agreement”). In accordance with the Agreement, the City and Developer are working cooperatively on the first two phases of several public infrastructure projects on or adjacent to the Developer’s site (Roadway - Westbourne Avenue Extension and Roadway - Blossom Field Boulevard - Broad Street to Westbourne Avenue) financed with the E. Broad TIFs. The City has determined that a third phase connecting the first two phases east to Reynoldsburg-New Albany Road may be needed to alleviate traffic congestion on E. Broad Street in addition to the street widening projects now also occurring thereon (Arterial Street Rehabilitation - E. Broad Street Widening) being funded by the E. Broad TIFs.
As the Agreement recognizes the need for additional public infrastructure funding for these and future public infrastructure projects as well as the opportunity currently presented by the development of several sites in the same vicinity at the same time, including the Developer’s site, this Ordinance will amend two of the E. Broad TIFs to remove parcels from those TIFs, for the purpose of establishing a new TIF north of E. Broad Street between Taylor Station Road and Reynoldsburg-New Albany Road with the removed and other parcels (the “East Broad Westbourne TIF”). This Ordinance establishes the new non-school East Broad Westbourne TIF p...
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