Worthington City Council on Monday, March 4, is preparing to introduce several pieces of legislation pertaining to the redevelopment of the former Holiday Inn site, according to its agenda.
The mixed-use redevelopment of the site by Witness Hospitality is expected to include a 111-room, four-story Hampton Inn & Suites, with up to five other buildings that will contain 15,000 to 19,000 square feet of office space and more than 20,000 square feet for restaurants and small service-oriented businesses.
The development previously was known as the Village at Worthington Square, but the developer has changed the name of the project to Worthington Gateway, according to city spokeswoman Anne Brown.
David McCorkle, Worthington’s economic-development manager, said the first two pieces of legislation that would be introduced would involve a tax-increment-financing district.
McCorkle said a TIF is an economic-development tool used to fund public improvements.
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, according to the Ohio Development Services Agency.
Revenue that exceeds the locked-in valuation of the land is diverted from the entities that typically receive property-tax revenue, including school districts, parks districts, libraries and fire departments.
McCorkle said legislation would include a property transfer for the site, which is at 7007 N. High St. off U.S. Route 23, because the state requires the city to own the title to the property before City Council could approve the TIF.
It also would include the TIF, he said.
“In this case, it’s paying for a new realignment of the intersections over by the mall, new street lights and a whole host of things,” he said.
Other legislation will include a rezoning of the property and one for a development agreement and a planning document, he said.
McCorkle said rezoning the property from highway and automotive services to a planned-use district would allow the city to restrict certain uses for the site, such as drive-thru windows.
“It allows for a wider range of uses on the property, while also providing the city with additional regulatory control,” he said.
The March 4 meeting will be at 7:30 p.m. at the Worthington Municipal Building, 6550 N. High St.