Explanation
Background: The Columbus City Council passed Ordinance 3106-96 on December 16, 1996 (the "Original TIF Ordinance") as amended by Ordinance 0627-2004, passed April 5, 2004, Ordinance 1560-2005 passed December 14, 2005 and Ordinance 1914-2008 passed by Council on December 1, 2008, (the "Amending TIF Ordinances" and together with the Original TIF Ordinance, the "TIF Ordinance"), establishing the Polaris TIF area (TIF Area) benefiting parcels near Polaris Parkway and Interstate 71 pursuant to Section 5709.40(B) of the Ohio Revised Code. Ordinance 2188-2011 passed December 5, 2011 approved and authorized a tax increment financing agreement between the City of Columbus and N.P. Limited Partnership, an Ohio limited partnership having KEW Investment Company as its sole general partner to provide for the construction and financing of certain improvements within and around the Polaris TIF area.
Due to the many public improvement projects to take place in this area there will be a need for multiple departments to enter into subsequent agreements with the N.P. Limited Partnership.
This ordinance will amend Ordinance 2188-2011 by adding language authorizing the Director of Development or other appropriate officers of the City to execute subsequent agreements with N.P. Limited Partnership.
Fiscal Impact: No City funding is required for this legislation.
Title
To amend Ordinance 2188-2011 by adding language that authorizes the Director of Development or other appropriate officers of the City to execute subsequent agreements and instruments with N.P. Limited Partnership to provide for the construction and financing of certain improvements within and around the Polaris tax increment financing area; and to declare an emergency.
Body
WHEREAS, Sections 5709.40(B), 5709.42 and 5709.43 of the Ohio Revised Code authorize this Council, by ordinance, to declare the improvement to certain parcels of real property located within the corporate boundaries of the City of Columbus, Ohio (the "City"), to be a public purpose and exempt from taxation, require the owner of each parcel to make service payments in lieu of taxes, and specify public infrastructure improvements made, to be made or in the process of being made that directly benefit, or that once made will directly benefit, those parcels; and
WHEREAS, pursuant to Ordinance 3106-96 passed on December 16, 1996 (the "TIF Ordinance"), as amended by Ordinance 0627-2004 passed April 5, 2004, Ordinance 1560-2005 passed December 14, 2005 and Ordinance 1914-2008 passed December 1, 2008, this Council created a tax increment financing in the area of Polaris Parkway and Interstate 71; and
WHEREAS, Ordinance 2188-2011 passed December 5, 2011 approved and authorized a tax increment financing agreement between the City of Columbus and N.P. Limited Partnership; and
WHEREAS, the City desires to amend Ordinance 2188-2011 by adding language authorizing the Director of Development or other appropriate officers of the City to execute subsequent agreements and instruments with N.P. Limited Partnership; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Economic Development Division in that it is immediately necessary to amend said ordinance to facilitate the continuing development of the TIF Area, all for the immediate preservation of the public health, peace, property, safety and welfare; and now therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. To amend Ordinance 2188-2011 by adding the following sentence at the end of Section 1.
That the Director or other appropriate officers of the City are authorized to execute such other agreements and instruments and to take all actions necessary to implement this Ordinance and the transactions contemplated by the TIF Agreement.
Section 2. 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 the passage if the Mayor neither approves nor vetoes the same.