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Fact
Sheet Agreement
Between City of I.
Joint Planning and Zoning Overlay between the Township and City and
with Franklin County to ensure better coordination on projects, set forth
future infrastructure and public investment opportunities, joint marketing to
advance economic development and a seamless look along the West Broad Street
corridor. This planning effort will
also help shape future City, County and Township public investment. II. City, Township and County bring
together business owners in the area to form a business working group in the III. JEDD – 50 year agreement
(non-annexation in the defined area) wherein the 2.5% income tax which is
collected would be split 70% to the project pot to be reused to undertake
projects in the area, 15% to the township and 15% to the city. IV. Establish
a project fund by setting aside 2% of the total income tax revenue collected
from the Delphi Site for the first five years of operation to be used to
encourage businesses to participate in the JEDD, to assist in the
mobilization, creation and coordination of the business working group in
their effort to enhance the economic viability of the corridor area, and to
make improvements in the right-of-way and other projects to revitalize the
West Broad Street corridor. V. Annexation Agreement - Fairly compensate the Township through
service (or other) payments derived from and in an amount equal to the
following sources: a. 10% of the construction income tax
revenue from the casino construction b.
24% of the total income tax revenue collected from the Delphi Site for
the first five years of the casino’s operation and 25% for the next 45 years. VI.
Reallocate the City’s inside millage for all future annexations as
follows: a.
100% of the City’s inside millage portion of
property tax will be reallocated to the Township for all future Franklin
Township annexed properties except for the Delphi Site; and b.
25% of the City’s inside millage portion of
property tax for the Delphi Site through the end of the service payments
derived from the income tax revenue collected from the Delphi Site will be
reallocated to the Township.
Thereafter, the Township will receive 100% of the City’s inside
millage portion of property tax for this site. Total Compensation to
the Township Total compensation to
Township between 2010 and 2053 is estimated at over $67,000,000 Total compensation to the
2% project pot is estimated at over $450,000 Breakdown of Proposed
Annexation Agreement Compensation to the Township 2010 Assumes Annexation of Delphi site by September Property Tax Est.
$1,750 2011 Construction income tax Est.
$1.25 M 2012 Construction
income tax Est.
$1.25 M 2013 - 2017 Casino
opens 2018 - 2063 Casino
is open 2064 Property Tax (inside millage agreement) Est. $280,252 annually |