Explanation
BACKGROUND: The purpose of this legislation is to amend Ordinance No. 3106-96, enacted by Columbus City Council on December 16, 1996. The ordinance established a tax increment financing program to provide funding for infrastructure improvements to the Polaris Centers of Commerce development. This ordinance amends the 1996 ordinance to expand the areas covered by the original Polaris TIF. Columbus City Council approved the creation of the Polaris Tax Increment (TIF) on December 16, 1996. This original ordinance was amended on April 7, 2004, by Ordinance 627-2004, which added 82.45 +/- acres; and on May 16, 2005 a second amendment, Ordinance 1560-2005, which added 22 +/- acres to the Polaris TIF district. The present legislation is the third amendment of Ordinance 3106-96 and the purpose is to add 31.86 +/- acres to the Polaris TIF district. The additional acreage will help provide the revenues necessary to fund the cost of the public infrastructure improvements that benefit the district.
Emergency action is requested to avoid a delay in the commencement of the construction of the public improvements.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Ordinance 3106-96 (the Polaris TIF) to declare improvements to certain additional parcels of real property to be a public purpose; to describe public improvements to be made to benefit those parcels; to require the owners thereof to make service payments in lieu of taxes used to pay for the costs of such public improvements; and to declare an emergency.
Body
WHEREAS, Section 5709.40 of the Ohio Revised Code (R.C) authorizes the legislative authority of a municipal corporation by ordinance to declare improvements to a parcel of real property located in a municipal corporation to be a public purpose; and
WHEREAS, the City of Columbus (the "City") in Ordinance No. 3106-96 (the "Original Ordinance") on December 16, 1996 determined that improvements to ...
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