Explanation
Background: Ordinance No. 2622-2020 authorized the Director of the Department of Development to execute the Second Amendment to the Amended and Restated Tax Increment Financing Agreement dated as of December 28, 2016, as previously amended by the First Amendment to said agreement dated as of December 11, 2019 (collectively, the “Agreement”) relating to the three Polaris tax increment financing (TIF) areas and the exemption authorization provided by Ordinance No. 2600-2020. It also appropriated and authorized the expenditure of service payments in lieu of taxes and property tax rollback payments to be deposited into the Polaris TIF Fund as a result of the exemption authorization provided by Ordinance No. 2600-2020 for the purposes of the Agreement. The purpose of this ordinance is to amend Ordinance No. 2622-2020 in order to fully implement all of the terms and conditions of that piece of legislation and the Agreement, including, but not limited to, providing for workforce housing commitments, providing compensation to certain school districts, providing for the use of the Polaris TIF Fund revenue for projects as identified and determined by the City, providing for the collection of the City’s economic development fees, providing for the issuance of debt for the public infrastructure improvements, and making other technical modifications.
Emergency Justification: An emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to amend Ordinance No. 2622-2020 for which the City, in support thereof, desires to enter into a cooperative agreement with the Columbus-Franklin County Finance Authority and the developer and/or its affiliates to refund and issue new bonds at the most advantageous interest rate. Failure to pass as an emergency will very likely result in a higher interest rate on the bonds to be issued for the public infrastructure improvements.
Fiscal Impact
The City is authorizing the appr...
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