Columbus Redevelopment officials took a final step in extending the central tax increment financing (TIF) district so it includes the site of a local company’s future 260,000 square-foot manufacturing facility.
The Columbus Redevelopment Commission on Monday afternoon voted to approve a confirmatory resolution on the matter, the final step in a four-step process for extending a TIF district.
A TIF district is a mechanism that allows the redevelopment commission to siphon off increasing property taxes in a selected area to fund projects intended to benefit the community.
Toyota Material Handling broke ground on their new facility in May, which company officials said would create 85 jobs at an at an average wage of $28.88. The factory will focus on making electric forklifts, with the hope being that production will start in June 2026.
The redevelopment commission first had to pass a declaratory resolution to extend the TIF, which they did on May 20, followed by a review by the plan commission.
State law requires the plan commission review the redevelopment commission’s plans to ensure they’re consistent with the city’s comprehensive plan — the commission did that on June 12. The Columbus City Council then gave their sign-off on July 15 before the confirmatory resolution was considered on Monday night.
