The West Broad Street TIF project involves the appropriation and transfer of TIF service payments in lieu of taxes, generated by private improvements at 5930 West Broad Street, for financing public infrastructure improvements at West Broad Street and Doherty Road. Metro Development LLC invested $18 million to develop 192 multi-family units at the Private Improvement Site. The City of Columbus, in collaboration with the Big Darby West Broad Street NCA, Metro Development LLC, and the Columbus-Franklin County Finance Authority, entered into a Cooperative Agreement to issue bonds for these infrastructure improvements.
This project leverages tax increment financing to fund essential public infrastructure improvements while supporting private development that enhances residential capacity in a growing area. The agreement ensures timely execution of the project and prevents potential cost increases due to delays.