Columbus approves incentives for $500M in major downtown projects

Arena District, North Market, and Franklinton development projects that will bring “much-needed additional housing and office space” to the downtown Columbus area recently received incentives from City Council, Columbus Business First reports. A $210 million expansion of the Arena District, featuring offices, apartments, and parking will include “a new headquarters for Chipotle Mexican Grill” that will create and retain nearly 400 jobs, according to the article. Columbus “will extend the existing TIF [tax-increment financing district] for the area to cover the project site” and provide $20 million in infrastructure support for construction for the project. The “$120 million expansion of the Gravity project in Franklinton” was granted a TIF and $2 million for parking components and streetscape improvements. Columbus will provide $2 million for the public plaza at the $192 million North Market mixed-use tower, and “will set up a North Market Capital Maintenance Fund with 75% of the bed tax collections from the hotel portion of the project for 30 years.” For more, read the full article.

Economic Development, Financial Incentives