About The New Albany Community Authority
The New Albany Community Authority (NACA) was created to address certain needs of a growing community by financing designated community projects based on it’s Community Development Charge (CDC). In July 1992, the New Albany Company (Developer) filed a petition with the Board of County Commissioners of the County of Franklin, Ohio for the creation of a “New Community District” pursuant to Chapter 349 of the Revised Code of Ohio. The Petition was accepted by the County Commissioners in August 1992. By its resolution in August 1992, the County Commissioners determined that the new community district would be conducive to the public health, safety, convenience, and welfare, and that it was intended to result in the development of a new community district as described in the petition.
The NACA originally contained 3,830 acres and currently is comprised of approximately 5,000 acres of land. See District Communities.
The NACA is governed by a seven member Board of Trustees, three appointed by the County, one appointed by a local government and three appointed by the Developer.
In 1995, the NACA issued $38.1 million in Community Facility bonds backed by the CDC revenues to provide funding for community projects. Those projects included the following:
- New High School for the Plain Local School District.
- Fodor Road-Leading to the Learning Community Campus.
- A portion of the construction costs for the Plain Township Fire Station.
- A Ladder Fire Truck for Plain Township Fire Department.
In 2001, the NACA refunded the $38.1 million in bonds by issuing new bonds totaling $52.9 million. The $52.9 million in bonds included $38.1 million to repay the original bonds, interest on the original bonds through 2005 and $4 million in notes issued to The New Albany Company. The final payment on the $52.9 million Community Facilities bonds is scheduled for October 2024. In May 2012, the NACA refunded the remaining balance of the $52.9 million in bonds with 35.6 million in bonds saving 6.5 million in interest costs. The new bonds are scheduled to be repaid in October 2024.In May 2012, the NACA refunded the remaining balance of the $52.9 million in bonds with 35.6 million in bonds saving 6.5 million in interest costs. The new bonds are scheduled to be repaid in October 2024.
The CDC originally was originally set at 9.75 mills in 1992, but was reduced to 8 mills in 2002 in conjunction with the refunding of the Community Facilities bonds. The CDC further reduced to 3.75 mills. This is the 16th consecutive year the board has reduced or maintained the millage rate. The 2016 CDC will be collected in 2017 with the Franklin County Property Taxes. Please see About your Property for information related to calculation of the CDC for your property.
The Authority has also assisted as a financing conduit for the construction of other community assets resulting in significant savings to the overall community. These projects were funded by revenues from other sources such as the Village Income Tax and lease agreements. Those projects include:
- Public Road , sewer and water infrastructure projects
- Health & Wellness Centered in Northeast Franklin County, Ohio
For more information on all the NACA projects see Community Projects or the read the Frequently Asked Questions.