Columbus Council approves $14M TAD funding for Midland Commons development
Columbus Council approved multi-million dollar funding for a north Columbus development on Tuesday.
Council approved for the city to enter into an agreement with JMC Flatrock Partners LLC., the group behind the under-construction Midland Commons project, to provide $14.5 million in Tax Allocation District funds, during a Tuesday city council meeting.
In February 2018, Council approved a TAD for the project that would provide an estimated $7 million for development.
Here’s how that money was broken down:
- Traffic enhancements, intersection improvements: $3 million
- Internal circulation: $1.5 million
- Site demolition/preparation: $2.4 million
- Flat Rock Park enhancements: $600,000
TADs are economic development tools used to attract development. In a TAD, the amount of property taxes that go to the local government is frozen on all real estate in its boundaries. Bonds are issued to redevelop the area. As property values rise, so does the property tax revenue. Any revenue collected over the frozen amount goes toward retiring the bond debt and possible infrastructure improvements.
The payout of $14,514,243 will begin with an initial payment of $60,737.60, with “gradual payment increases over the next 20 years,” according to the agenda item.
Midland Commons Developer Chris Wightman and Councilman Gary Allen of District 6, the district in which Midland Commons is located, did not return requests for comment before publication.
Other TAD-funded projects
One recent example of a TAD-funded project is the Bradley Company’s projects near its riverfront apartment complex.
Columbus Council unanimously approved a modification request in early October for additional TAD funds to support the construction of a shared underground parking facility and “certain public infrastructure improvements,” according to the agenda item, for Riverfront Place, a 7.5-acre, mixed-use development by the Bradley Company.
A new TAD is reportedly in the works on the south side of town, according to WTVM.
Council approved the city’s first TAD in December 2015 for Benning Technology Park, intended to attract high-tech defense contractors to the park near Fort Benning.
What’s Midland Commons?
The property at 7801 Flat Rock Road, off the bustling J.R. Allen Parkway, is expected to be a mix of commercial businesses to include big-box anchors, midsize retail, restaurants and possible residential offerings such as loft apartments and an assisted-living facility.
Construction is being done in multiple phases. Publix, in Dec. 2020, announced its intention to open a location on the northern portion of the site.
A Popeyes location has opened, and the development will also include a Culver’s and gas station with an Arby’s attached.
This story was originally published December 13, 2021 at 5:50 PM.
