All city commercial property in a TIF
Powell City Council on Dec. 7 took a vote that will put all of the city's commercial property into one of two tax-increment financing districts.
The ordinance will affect "all commercial properties that are within the city that are not already within the downtown TIF district," city development director Dave Betz said.
The ordinance was passed on an emergency basis, which immediately puts it into effect.
Council unanimously approved the ordinance, which city manager Steve Lutz said is different from a downtown TIF district that includes residential and commercial properties.
Under the plan, a portion of commercial property taxes will be used to fund public improvement projects.
At the meeting Lutz said "creating the commercial TIF district" is the last step in the pre-annexation agreement with the Market at Liberty Crossing property owner. Giant Eagle is the primary store of the market, which is on the northwest corner of Powell Road and Sawmill Parkway.
Market property owner Todd Wyatt does not own all the property in the newly created TIF area, but as of its approval, he was the only property owner notified of its creation, Betz told ThisWeek.
"The other property owners do not have to be made aware of the TIF under the law," Betz said.
The 30-year TIF will not reduce property tax revenue going to the Olentangy school district, Lutz said.
City law director Gene Hollins said the city has notified the Delaware Area Career Center and Olentangy about the commercial TIF, as required by state law.
The non-contiguous commercial properties in the TIF area are on Sawmill Parkway and Sawmill, Home, Seldom Seen and Powell roads.
Hollins said the TIF in the future will be "one potential source of capital improvement funds that does not affect the current level of taxes, only future increases."
Betz, Hollins, city planner Eric Fischer and Lutz "discussed (the TIF plan) at length as part of what we were required to do as part of the Market at Liberty Crossing agreement," Betz told ThisWeek.
It was not developed or discussed in council committees or council's open sessions until Dec. 7, city public information officer Jeff Robinson said. The second step of the process is to file an exemption application with the state department of taxation.