Hilliard leaders plan to offer a tax-increment-financing agreement to pay for infrastructure improvements related to the construction of Bo Jackson's Elite Sports.

Hilliard leaders plan to offer a tax-increment-financing agreement to pay for infrastructure improvements related to the construction of Bo Jackson's Elite Sports.

The 113,000-square-foot facility is expected to open this fall on Cosgray Road.

Legislation was introduced in committee April 11 authorizing Butch Seidle, the city's public-services director, to enter into a developer's agreement with Hilliard Real Estate Holdings LLC, the developer of the Bo Jackson's Elite Sports facility.

Details of the TIF have not been established but the tenets of the agreement have been received by the developer, according to Tracy Bradford, Hilliard's law director.

A TIF is an economic-development mechanism available to local governments to finance public-infrastructure improvements and, in certain circumstances, residential rehabilitation, according to the Ohio Development Services Agency.

A TIF locks in the taxable worth of real property at the value it holds at the time the authorizing legislation is approved, diverting resulting incremental revenue to designated uses, such as funding necessary improvements or infrastructure to support a new development.

The proposed TIF would reimburse the developer for infrastructure improvements including construction of a public-access road, public parking lot, a temporary on-site sanitary-treatment area, off-site water-main improvements and construction of a detention basin, according to the authorizing legislation.

The estimated costs are $1.2 million for the access road and parking lot, $417,000 for the water-main improvements and $225,000 for the detention basin, according to Bradford.

No estimate is available for the temporary sanitary-treatment area.

Meanwhile, Bo Jackson's Elite Sports has not closed on the sale of 7 acres on the east side of Cosgray Road, across from Homestead Park.

City Council on March 14 approved the sale for $315,000, or the equivalent of $45,000 per acre.

The closing is contingent upon approval of the developer's agreement, Bradford said.

The legislation authorizing the developer's agreement is expected to receive a first reading by City Council on April 25.

Bo Jackson's Elite Sports executives originally planned to build their multipurpose facility inside Roger A. Reynolds Municipal Park.

On Sept. 23, 2013, Jackson and his staff attended a groundbreaking at the park but the project was put on hold because of investor concerns about building the facility on leased land, according to Hilliard officials.

The project was revived after officials from the city and Bo Jackson's Elite Sports reached a purchase agreement for the land on Cosgray Road.

If opened this fall as scheduled, the Bo Jackson's Elite Sports facility will be the second in the United States, following the opening of the first facility in Lockport, Illinois, near Chicago.