By Doug Caruso
The Columbus
Dispatch Monday February 6, 2012 10:29 PM
Columbus will set aside new property taxes on developments in the Weinland Park
neighborhood to pay for streets and other public improvements there.
The Columbus City Council approved two tax-increment-financing districts tonight in an agreement with Wagenbrenner Development, the company that is redeveloping the former Columbus Coated Fabrics site with homes and condominiums.
In the districts, taxes on the increased value of the property will go into a special fund. That fund will reimburse Wagenbrenner for upgrades it makes to public streets, curbs, street lights and other infrastructure.
Councilman Zach M. Klein, who leads the council’s development committee, praised the Weinland Park project. “It’s been a very successful project in the community,” he said.
The city will reimburse Columbus Public Schools for the schools' share of the property taxes set aside in the districts, City Council President Andrew J. Ginther said after the meeting.
“The policy of the city of Columbus is to make the schools whole,” said Ginther, a former school-board member.
Other agencies supported by property taxes, such as Children Services and the zoo, will not be reimbursed.
Wagenbrenner has been before the council regularly recently for its developments in Weinland Park and the Harrison West neighborhood just south of Ohio State University.
Last month, the council approved zoning changes necessary for the company to build 108 apartments in Harrison West. The council also has supported the company’s requests for millions in state grants to clean up the former industrial sites.
In another matter tonight, the council approved refinancing up to $253.5 million in city debt.
“With the interest rate levels we have today, I am absolutely convinced we can save millions of dollars,” said city Auditor Hugh J. Dorrian.
dcaruso@dispatch.com
The Columbus City Council approved two tax-increment-financing districts tonight in an agreement with Wagenbrenner Development, the company that is redeveloping the former Columbus Coated Fabrics site with homes and condominiums.
In the districts, taxes on the increased value of the property will go into a special fund. That fund will reimburse Wagenbrenner for upgrades it makes to public streets, curbs, street lights and other infrastructure.
Councilman Zach M. Klein, who leads the council’s development committee, praised the Weinland Park project. “It’s been a very successful project in the community,” he said.
The city will reimburse Columbus Public Schools for the schools' share of the property taxes set aside in the districts, City Council President Andrew J. Ginther said after the meeting.
“The policy of the city of Columbus is to make the schools whole,” said Ginther, a former school-board member.
Other agencies supported by property taxes, such as Children Services and the zoo, will not be reimbursed.
Wagenbrenner has been before the council regularly recently for its developments in Weinland Park and the Harrison West neighborhood just south of Ohio State University.
Last month, the council approved zoning changes necessary for the company to build 108 apartments in Harrison West. The council also has supported the company’s requests for millions in state grants to clean up the former industrial sites.
In another matter tonight, the council approved refinancing up to $253.5 million in city debt.
“With the interest rate levels we have today, I am absolutely convinced we can save millions of dollars,” said city Auditor Hugh J. Dorrian.
dcaruso@dispatch.com
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