This ordinance amends Ordinance No. 2545-2020 to create the Astor Park TIF by removing specific parcels owned by Confluence Development LLC from the Stadium 41 TIF. The newly created TIF will ensure full thirty-year tax increment financing service payments for a 690-unit multifamily residential development valued at $86.25 million upon completion. Columbus City Schools will continue to receive real property tax revenue, with non-school revenues directed to support development obligations. This move addresses economic impacts from the COVID-19 pandemic, ensuring project viability.
The Astor Park TIF provides vital financial support for a large-scale mixed-use development, promoting economic recovery and housing solutions in Columbus. It aligns with redevelopment goals and supports infrastructure and public service obligations.