Explanation
Background
The City and NP Capital Management Corp. (the “Developer”) entered into the Amended and Restated Tax Increment Financing Agreement dated as of December 28, 2016 (the “Original Agreement”) as amended by the First Amendment to the Original Agreement, dated as of December 11, 2019 (the “First Amendment”), and this Ordinance hereby authorizes the “Second Amendment” to the Original Agreement (collectively, the “Agreement”) to provide funding for public infrastructure improvements necessary for the development of Polaris and the surrounding area from the Polaris TIF.
The Polaris TIF was approved by Council by Ordinance 3106-96, expanded by Council by Ordinances 0627-2004, 1560-2005, 1914-2008, and 1582-2013. Council removed certain undeveloped parcels from the Polaris TIF by Ordinance 1847-2015 and again by Ordinance 3313-2018 to establish the Polaris II TIF and Polaris III TIF. In 2020, Council reconciled the Polaris TIF boundaries to account for certain parcel combinations and splits along the periphery of the Polaris I, II, and III TIFs and certain cartographic errors, all resulting in the modern configuration of the Polaris TIF depicted on Exhibit A to Ordinance 2600-2020 (the “1996 Polaris TIF”).
The General Assembly enacted Revised Code Section 5709.51 in 2019, which allows municipal legislative authorities to extend TIFs with annual service payments of at least $1.5 million in the immediately preceding calendar year for an additional 30 year period. The 1996 Polaris TIF meets this threshold, and the Developer has requested that the 1996 Polaris TIF be extended for an additional 30 year period (the “Extension Period”) in order to provide for the funding of additional public infrastructure for the continued development of Polaris. The Department of Development has submitted for City Council Consideration Ordinance 2600-2020 to authorize a 30 year extension pursuant to O.R.C. § 5709.51.
In consideration of this extension, and in additi...
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