New Albany's latest annexation expands its International Business Park by almost 500 acres.

New Albany City Council members May 7 unanimously approved an ordinance annexing 484.4 acres from Jersey Township into the city.

This annexation brings the New Albany International Business Park to approximately 4,600 acres, said city spokesman Scott McAfee.

Annexation begins at the request of a property owner, McAfee said.

"Having said that, New Albany has a fantastic track record of master planning, a customer-friendly staff and a commitment to creating shovel-ready sites by investing in traditional and technology infrastructure," he said. "New Albany is now home to more than 15,000 jobs and $4 billion in private investment."

The New Albany Co. pursued the annexation through its affiliate, MBJ Holdings LLC, said Aaron Underhill, the legal representative for the New Albany Co. The company also requested that the land be rezoned to a limited-general-employment district, he said.

The city's planning commission will have a first hearing on the rezoning Monday, May 20, said Jennifer Chrysler, New Albany's community-development director.

Underhill said the New Albany Co. had requested the annexation and rezoning to add marketable land to the business park.

That land is east of Beech Road, west of Clover Valley Road, north of Jug Street and south of Miller Road, according to a legislative report for council members.

The Licking County commissioners approved the annexation petition Jan. 31, according to the legislative report.

Kathy Frost, Jersey Township trustee, said township trustees also approved the annexation agreement between the township and the city.

The annexation agreement for the land, which is within the Johnstown-Monroe Local School District, includes specific language for fire and EMS revenue sharing in the event a tax-increment-financing district is created on the land, Chrysler said.

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.

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.

According to the annexation agreement between New Albany and Jersey Township, if the city redirects real-property-tax revenue through a TIF, it would pay the township an amount equal to the real-property-tax revenue the township would have received for fire and emergency-medical services if the TIF were not in place.