By 1808Delaware
Powell City Council, at its upcoming meeting Tuesday night at 7:30 PM in Council Chambers, 47 Hall Street, will conduct the second reading of Ordinance No. 2023-32, a pivotal piece of legislation authorizing the city to finalize a Community Reinvestment Area (CRA) agreement with CSD Powell, LLC. This ordinance represents a crucial phase in a series of strategic moves aimed at rejuvenating the downtown area of Powell and will bring a new COhatch location to the community.
The Journey Towards Revitalizing Downtown Powell
The journey began this past March when Council passed Ordinance 2023-10, creating the Downtown Community Reinvestment Area (CRA). This initiative was designed to foster development by offering tax exemptions for new constructions and remodeling within the CRA boundaries. Subsequently, on August 1 Council furthered its commitment by authorizing the City Manager to enter into an economic incentive agreement for a property located at 50 E. Olentangy Street, as per Ordinance 2023-18.
A Closer Look at Ordinance 2023-32
Ordinance 2023-32 is the culmination of these efforts, proposing a final CRA Agreement for CSD Powell, LLC. This agreement would facilitate the construction and equipping of a three-story mixed-use building, incorporating private offices, co-working spaces, and meeting and event areas. If passed, this ordinance would grant a 75% tax exemption for real property improvements for 15 years, under the guidelines of ORC Section 3735.67.
The project site, situated within the Olentangy Local School District and the Delaware Area Career Center, has ensured that the Boards of Education for both institutions are informed of the proposed CRA Agreement, adhering to the requirements of Sections 3735.671 and 5709.83 of the Ohio Revised Code.
Financial Aspects: Investment and Infrastructure
The total investment by COhatch in this project exceeds $7 million, with significant contributions including scholarships and the property purchase price. Tax Increment Financing (TIF) funds will play a crucial role in supporting the necessary infrastructure for this ambitious project.
