(Dublin, OH) – The Administrations of both the City of Dublin and the Dublin City School District are announcing a proposed partnership to advance the implementation of the Bridge Street District. The partnership, expected to be acted on by both bodies on April 14, 2014, provides a predictable annual income stream to the Dublin City School District dedicated for strategic investments in technology advancements, and the ability for the City of Dublin to implement the vision of the Bridge Street District by providing long-term financing tools for the public infrastructure improvements necessary to create the vibrant, more densely developed, walkable neighborhoods in the Bridge Street District.
According to the terms of the proposed Cooperative Agreement, which was presented to the Dublin Board of Education on March 20, and will be on the agenda for Dublin City Council on March 24, the City of Dublin will pay Dublin City Schools $1.5 million dollars per year over the next 33 years for a total of $50 million to advance the school district’s strategic technology plans. In exchange for this set annual payment, the City may authorize Tax Increment Financing (TIF) and other real property tax exemptions within the Bridge Street District in order to help underwrite the costs of the District’s needed infrastructure.
“We have been collaborating with the City of Dublin for nearly a year on this proposed Cooperative Agreement,” said Superintendent Dr. Todd Hoadley. “We feel it is the right thing to do for our community and can serve as a state and national model for local governmental cooperation and collaboration. I’d like to thank City Council and our Board of Education for their commitment to this collaborative process.”
Since the 1990s, the City of Dublin has utilized TIFs as a key incentive tool to help fund needed public infrastructure improvements in association with advancing the City’s economic development projects. Over the years, the revenues received from payments in lieu of taxes have totaled $72.1 million which has supported over $101 million in infrastructure improvements creating over $593 million in additional real property valuation – much of which would not have occurred without the infrastructure improvements made by the City. The use of a TIF allows the private development to provide a funding mechanism for the infrastructure necessary to support the new development.
“As a Board of Education we have been extremely diligent in examining this proposed agreement, both as a group and as individuals. It is important for us to do the right thing for our District, and for our community,” said Board of Education President Lynn May. “We would like to thank Dr. Hoadley and Steve Osborne for their leadership and for their hard work in bringing the proposed agreement to this point.”
“We recognize our City benefits from the success of our highly ranked School District and the School District benefits from the success of the City,” said Dublin City Manager Marsha Grigsby. “Both of us looked at the longer term fiscal analysis and determined that the Agreement is to the mutual benefit of both City and School District.”
Dublin Director of Strategic Initiatives Terry Foegler said the primary goal for implementing the Bridge Street District plan is to ensure Dublin’s long term economic competitiveness. Foegler said studies by Battelle and other nationally recognized agencies, as well as observations from local, regional corporate and economic leaders have reaffirmed that the types of alternative housing and dense, mixed-use, walkable neighborhoods planned for the Bridge Street District will enhance Dublin’s ability to attract and retain young talent.
“The proposed Cooperative Agreement represents an immediate new revenue stream for our District,” said Treasurer Steve Osborne. “Annual payments of $1.5-million per year will provide a dedicated source of funding for the District’s technology program. Over the next 33 years, the District will receive $50-million under the terms of the cooperative agreement. The fiscal analysis done by the City and the District indicates the agreement is mutually beneficial to both entities.”
Grigsby said the proposed Agreement allows the City to focus on development opportunities and provides a level of certainty to the City and private developers as investment, both public and private, are being considered and planned for the Bridge Street District. The School District is guaranteed an immediate and predictable new source of income immediately, versus waiting for development to increase the real property valuations.
“The Bridge Street District redevelopment will expand Dublin’s historical and cultural heart and will create a diverse and vibrant core for our community that will benefit our residents and business for many years to come,” said Grigsby. “We thank City Council and the Board of Education, Dr. Hoadley and Steve Osborne for helping define a mutually beneficial Cooperative Agreement that will finance future infrastructure improvements for our City and advance the technology needs of the School District.”
Both Dublin City Council and the Board of Education will vote on the proposed Cooperative Agreement at their scheduled meetings on April 14, 2014.
For information on the Bridge Street District go to: http://dublinohiousa.gov/planning/bridge-street-district/
Bridge Street Fast Facts: http://dublinohiousa.gov/bridge-street/fast-facts/
City of Dublin Media contact:
Sue Burness, City of Dublin Public Affairs Officer
Twitter/@sueburness | @DublinOhio | www.DublinOhioUSA.gov
Dublin City School District Media contact:
Doug Baker, Public Information Officer