COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST) — A water and sewer agreement Columbus City Council approved this week means the city will tap into New Albany’s economic bounty from Intel Corp. and surrounding development.

In addition to private users paying their utility bills, New Albany will pay as much as $10.5 million to Columbus as land is developed in its expanded industrial park and share 26% of new income tax revenue.

Columbus will focus that money on priorities including affordable housing, human services, small businesses and workforce development, said council member Nick Bankston, who leads the economic development committee that shepherded the deal.

“To be able to invest back in our neighborhoods and services and our people is a win-win for the city of Columbus, but it also shows the strength of the Columbus region,” Bankston said in an interview. “We’re thinking as a region, not just as municipalities. … Whenever we can have opportunities to share in major projects like this, it helps everyone.”

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