Explanation
BACKGROUND: Columbus City Council (the "City") established in Ordinance 1847-2015 (the "Polaris II TIF Ordinance"), among other things, the Polaris II Tax Increment Financing area in the Polaris Centers of Commerce development (the "Polaris II TIF") pursuant to Section 5709.40(B) of the Ohio Revised Code. The Polaris II TIF area includes undeveloped parcels in the existing Polaris Tax Increment Financing Area (the "Polaris TIF") created in Ordinance 3106-96, as amended, the Gemini Place extension area and the Lyra Drive area.
This ordinance authorizes the Director of Development and other City officials to execute any amended, amended and restated, or original tax increment financing ("TIF") agreement determined by those officials to be appropriate in connection with the Polaris TIF and the Polaris II TIF.
FISCAL IMPACT: No funding is required for this legislation. The amendment, amendment and restatement to the TIF agreement or the execution of an original TIF agreement will govern the use of real property tax revenue that the City would have received with respect to development on the TIF parcels. The non-school portion of that revenue will be diverted to the specified Special Fund created in Ordinance 3106-96 to be used for public infrastructure improvements benefiting the Polaris II TIF parcels.
Title
To authorize the execution and delivery of an amendment, amendment and restatement, or original Tax Increment Financing Agreement in connection with establishment of the Polaris II TIF; and to declare an emergency.
Body
WHEREAS, the City, in Ordinance 3106-96, as amended by Ordinances 0627-04 and 1560-2005, established the Polaris TIF; and
WHEREAS, the City entered into the Tax Increment Financing Agreement dated as of May 8, 2012, between the City and N.P. Limited Partnership (the "Developer"), as amended by a First Amendment to Tax Increment Financing Agreement dated as of November 14, 2012 (collectively, the "TIF Agreement"), in connection with the Polaris TIF; and
WHEREAS, the City established the Polaris II TIF area in the Polaris II TIF Ordinance, which Polaris II TIF area includes the undeveloped parcels in the Polaris TIF, the Gemini Place extension area and the Lyra Drive area, as more fully described in the Polaris II TIF Ordinance; and
WHEREAS, the Director of Development has negotiated with certain owners an agreement that provides for, among other things, the payment and use of TIF revenues generated as a result of the Polaris TIF, the Polaris II TIF and the Polaris II TIF Ordinance; and
WHEREAS, an emergency exists in the usual daily operation of the City of Columbus, in that it is immediately necessary to authorize amendment authority so that the Polaris II TIF agreement can be executed promptly in order for the Developer to construct certain improvements in the TIF area during favorable construction conditions and create jobs and employment opportunities for the residents of the City, all for the preservation of the public health, peace, property, safety and welfare; NOW THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of the Department of Development and other City officials are hereby authorized to execute any amendments or amendments and restatements of the TIF Agreement, or execute any original TIF agreement, all as determined by those officials to be appropriate in connection with the use of TIF revenues generated as a result of this Ordinance, the Polaris TIF and the Polaris II TIF.
SECTION 2. This Council further authorizes and directs the Director, the City Clerk or other appropriate officers of the City to prepare and sign all agreements and instruments and to take any other actions as may be appropriate to implement this Ordinance.
SECTION 3. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.