Powell Grand development plan approved
Powell City Council unanimously approved the final development plan for Powell Grand, a proposed mixed use active adult community located at Sawmill Parkway and Seldom Seen Road.
Powell Grand TIF moved to a second reading
City Council moved an ordinance approving and authorizing the execution of agreements to implement the Powell Grand Tax Increment Financing (TIF) District to a special meeting at 7 p.m. Wednesday, Dec. 23, 2015 in the Municipal Building Council Chambers, located at 47 Hall Street.
The TIF allows the improvement of certain parcels of the property to be considered for public purpose and exempt from taxation and require the owner of the property to make service payments in lieu of taxes. An applicable portion of the service payments would go directly to the Olentangy Local School District and Delaware Area Career Center. Based on 2015 tax collection year rates, Powell Grand is currently projected to pay approximately $800,000 ($24 million over the 30-year life of the TIF) to the Olentangy Local School District and the Delaware Area Career Center.
The remainder of the service payments would be made to a Municipal Public Improvement Tax Increment Equivalent Fund, which a portion would be dedicated to the Liberty Township Fire Department. The remaining amount in the Municipal Public Improvement Tax Increment Equivalent Fund would be allocated to capital improvement projects in the City of Powell such as the Park at Seldom Seen, bike paths and road improvements near the parcel. The Liberty Township Fire Department is projected to receive approximately $80,000 annually and the City of Powell would obtain approximately $200,000 annually.
Tax Increment Financing (TIF) is an economic development mechanism available to local governments in Ohio to finance public infrastructure improvements. Payments derived from the increased assessed value of any improvement to real property beyond that amount are directed towards a separate fund to finance the construction of public infrastructure defined within the TIF legislation.
Upcoming Committee Meetings
Finance Committee | Tuesday, Jan. 12, 7 p.m.
Planning & Zoning Commission | Wednesday, Jan. 13, 7 p.m.
Operations Committee | Tuesday, Jan. 19, 6:30 p.m.
Development Committee | TBD
ONE Community | TBD
Powell Community Improvement Corporation | TBD
Next Powell City Council Meeting | Tuesday, Dec. 23, 7 p.m.