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 by City Council on April 5, 2004, Ordinance 1560-2005 passed by City Council on 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 a tax increment financing area (TIF Area) benefiting parcels near Polaris Parkway and Interstate 71 pursuant to Section 5709.40(B) of the Ohio Revised Code. This Ordinance approves and authorizes 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.
Fiscal Impact: No City funding is required for this legislation.
Title
To approve and authorize the execution of a tax increment financing agreement between the City of Columbus and N.P. Limited Partnership, an Ohio limited partnership, to provide for the construction and financing of improvements within and around the tax increment financing area created by Ordinances 3106-96, 0627-2004, 1560-2005 and 1914-2008; 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 t...
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