COLUMBUS (WCMH) — Big changes are coming to Franklinton. The city has approved a $500 million development deal to revitalize the land around the Scioto Peninsula with new shops and residential buildings, but at what cost to the taxpayer?
The deal includes a 100 percent tax abatement for the developer.
The Scioto Peninsula Project is a $500 million development deal calling for residential living, office space, retail, and even a new hotel all in an effort to revitalize the downtown-adjacent neighborhood.
This week, Columbus city leaders agreed to a 15-year, 100 percent tax abatement for Indiana-based developer Buckingham Properties.
Franklin County auditor Clarence Mingo calls part of the deal concerning.
“Transparency, along with the opportunity for public discourse concerning abatement issuances, must continue to improve,” he said in a statement. “This responsibility falls on our elected officials, not developers. Taxpayers demand transparency, and providing it will concern public concern about abatements.”
Columbus City Council is no stranger to abatements, they’ve bene used extensively in the Short North, where city leaders have long said they are necessary to spur development.
There is no official timeline when construction would break ground, but early estimates put it in late 2018.