After months of discussion and debate, two developers have been given the go-ahead to build a 308-unit senior rental complex in Powell.

After months of discussion and debate, two developers have been given the go-ahead to build a 308-unit senior rental complex in Powell.

Powell City Council on Tuesday, Dec. 15, voted unanimously to approve the final development plan for Powell Grand, which will sit southeast of Sawmill Parkway's intersection with Seldom Seen Road. Margello Development Co. and Schottenstein Real Estate Group's plan calls for a mix of one-, two- and three-story rental buildings on a 39-acre site.

Council also conducted the first reading of a proposed tax-increment financing agreement between the developers and the city. The agreement would allow property-tax revenue related to future improvements on the site to be diverted into a special fund and used to pay for nearby infrastructure improvements.

The TIF agreement would not divert any tax funds from the Olentangy Local School District, the Delaware Area Career Center or the Liberty Township Fire Department. Officials estimated the city will be able to pay for about $3.3 million in improvements to Sawmill Parkway and the Park at Seldom Seen with TIF funding.

Council is expected to conduct a second reading of the legislation at a special meeting at 7 p.m. Wednesday, Dec. 23.