Powell City Council unanimously voted to approve the final development plan for a 308-unit senior rental complex, the Powell Grand, ThisWeek Community News reports. The vote follows “months of discussion and debate” for the development that will sit on 39 acres southeast of the Sawmill Parkway and Seldom Seen Road intersection. The council also “conducted the first reading of a proposed tax-increment financing [TIF] agreement” between the city and developers Margello Development Co. and Schottenstein Real Estate Group. If approved, that agreement would allow “property-tax revenue related to future improvements on the site to be diverted into a special fund and used to pay for nearby infrastructure improvements,” according to the article. The TIF would not divert tax funds from the Olentangy Local School District, the Liberty Township Fire Department or the Delaware Area Career Center.
City green-lights Powell Grand senior rental development
