Worthington City Council is preparing to hold a public hearing Monday, April 15, for final pieces of legislation pertaining to the redevelopment of the former Holiday Inn site at 7007 N. High St.
David McCorkle, Worthington’s economic-development director, said a tax-increment-financing district and a development agreement would be the last steps for the project.
“This is the last piece of legislation you’ll see regarding the Worthington Gateway,” he said.
The Worthington Gateway, Witness Hospitality’s mixed-use redevelopment of 7007 N. High St., is expected to include a 111-room, 4-story Hampton Inn & Suites, with up to five other buildings that would 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.
McCorkle said the construction on the property most likely would start after the planned-use district rezoning of the property goes into effect in May.
McCorkle previously said the TIF would be a 30-year “nonschool” TIF agreement.
He 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.
McCorkle said under a standard TIF, property-tax revenue generated by the increased value of the site is diverted from entities that typically receive the revenues into a TIF fund.
This can include schools, park districts, libraries and other social-service agencies, he said.
The public hearing will be at 7:30 p.m. at the Worthington Municipal Building, 6550 High St. Check ThisWeekNEWS.com/Worthington for updates from the meeting.