The ordinance establishes a tax increment financing (TIF) district for 42.22 acres at 280 Alton Darby Creek Road, exempting 95% of property improvements from real property taxation for up to 30 years. This exemption supports the Big Darby Accord Watershed Master Plan by redirecting non-school tax revenue from 217 multi-family units to fund public infrastructure benefiting the TIF area. Columbus City Schools will receive the tax revenue equivalent of what they would have without the exemption. All infrastructure improvements required by the TIF will align with the Big Darby Revenue Program.
The Alton Darby TIF district enables significant residential development while supporting essential public infrastructure, aligning with regional growth plans and the Big Darby Accord. This ordinance aids Columbus City Schools by maintaining their tax revenue stream and allows the city to fund infrastructure to support new housing.