Upper Arlington to get a community center in Kingsdale redevelopment project

Voters in Upper Arlington recently passed Issue 2 in support of building a community center, allowing city officials to “issue $55 million in bonds” to construct the 95,300-square-foot facility as part of the Kingsdale Macy’s redevelopment project (see our January 21, 2021 blog post), ThisWeek Community News reports. Continental Real Estate will construct three buildings, housing “458 apartments, 104 senior-housing units, 6,000 square feet for restaurants and a 2-story parking garage,” according to the article. City Manager Steve Schoeny said the bulk of the debt from the project “would be paid with about $1.6 million in annual revenues” generated from tax-increment financing deals, with the remainder paid by a combination of bed-tax revenue, naming rights and an estimated $450,000 in yearly income tax revenue expected from the redeveloped site. For more, read the full article

Economic Development, Financial Incentives, State Updates