A tax-increment financing district established for Block F within Crawford Hoying's Bridge Park development is estimated to generate $10.2 million over its estimated 30-year timeline on an estimated $10 million in private improvements in Block F, according to Matt Stiffler, Dublin's interim director of finance.
Block F of Bridge Park is west of Dale Drive and southwest of the intersection with Bridge Park Avenue. A parking garage is planned for the area, along with a 145-unit, 6-floor hotel: Springhill Suites by Marriott. The project will include an 86,000 square-foot hotel with 6,500 square feet of restaurant/bar tenant space on the ground floor.
Dublin City Council on Aug. 26 unanimously approved an ordinance establishing the tax-increment financing district.
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.
Service payments generated within the TIF districts in the Bridge Park development will be used to fund public roadway improvements, parking garages and a conference/events facility, according to an Aug. 6 memo to Dublin City Council.
According to the memo, the TIF is within an area covered by the Bridge Street District Cooperative Agreement between the Dublin City School District and the city.
Because of that agreement, Dublin City School District will forego all applicable real estate taxes in respect to improvements to any parcel within the TIF district, for years 1-15 of the life of the district, according to the memo.
For years 16-30 of the TIF district, the school district will receive 10% of what it would have received had the TIF district not been in place, according to the memo.
In exchange for this TIF structure, Dublin will pay $50 million to the school district over a 33-year time period, (from 2014-46) with $1.5 million paid annually in years 2014-45, and $2 million paid in 2046, according to the memo.