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Council hears 2024 TIF report: 26 projects, $321 million in estimated project costs
Summary
Staff reported on 2024 tax increment financing activity: 26 TIF projects with an estimated $321 million in project costs, base valuation rising from $123 million to $305 million for those projects, and two projects expected to pay off early.
City staff presented the 2024 tax increment financing (TIF) report to the Columbus City Council on April 21, covering calendar-year 2024 activity.
Staff said the city currently has 26 projects financed in whole or in part through TIF, with combined estimated project costs of approximately $321 million. The base valuation for those 26 properties before TIF was reported as $123 million; the most recent valuations (fall 2024) place those projects’ value at about $305 million. Staff said that two projects — identified in the presentation as Westgate (Hobby Lobby) and NBC Capital (Ramada) — are expected to pay off within roughly a year, one paying off about five years early and the other about four years early.
Staff added that two new projects were added in 2024 (Innate Concepts and Vitality Village) and that most TIF terms in Columbus are 15 years (some projects may extend up to 20 years only in cases of extreme blight). Staff noted no parcels in Columbus currently qualify as extremely blighted under state law. The presentation included a matrix listing each project’s development area, approval year, financing amount, projected costs and taxes paid in the year; the transcript records no requested council action on the report — it was presented as informational.
