City of Columbus - File #: 1519-2019

• File #: 1519-2019
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 5/30/2019
• In control: Economic Development Committee
• On agenda: 6/10/2019
• Final action: 6/14/2019
• Title: To authorize the Director of Development to amend the Community Reinvestment Area Agreement with The Pointe at Polaris Phase I, LLC and the Columbus-Franklin County Finance Authority to (i) add The Pointe at Polaris Phase II, LLC as a party to the Agreement, (ii) to clarify the obligations and commitments of all parties to the Agreement and (iii) to allow for the exclusion from the CRA exemption that portion of the project site to be occupied by office tenants on the Phase II parcel that elect not to receive any of the benefits that may be associated with the forgone tax associated with a tax abatement related to Phase II real property improvements; and to declare an emergency.

Date	Ver.	Action By	Action	Result
6/14/2019	1	CITY CLERK	Attest
6/12/2019	1	ACTING MAYOR	Signed
6/10/2019	1	COUNCIL PRESIDENT	Signed
6/10/2019	1	Columbus City Council	Approved	Pass

Explanation
BACKGROUND: Columbus City Council (COUNCIL), by Ordinance No. 1902-2015, passed July 27, 2015, authorized the City of Columbus (CITY) to enter into an Community Reinvestment Area Agreement (the AGREEMENT) with N.P. Limited Partnership (ENTERPRISE) for a tax abatement of one-hundred percent (100%) for a period of ten (10) years in consideration of a proposed $24 million investment in real property improvements, the creation of 708 full-time jobs with an associated annual payroll of approximately $45,489,000 upon full build-out and occupancy and the relocation of 177 employees currently employed within the CITY related to the construction of a series of buildings containing speculative office space (either primarily or as one component of mixed-use buildings) totaling approximately 177,000 square feet along with two associated 600 space parking structures (the “PROJECT”) on one newly expanded parcel, 318-431-01-017-000 (recently combined from the two adjacent parcels 318-431-01-017-000 and 318-431-01-013-003), zip code 43240 in Delaware County within the City of Columbus and within the Old State Road Community Reinvestment Area (The PROJECT SITE). The AGREEMENT was made and entered into effective October 23, 2015 (CRA #049-00960-06/15-001) with the abatement to commence no later than tax year 2026 nor extend beyond tax year 2035. Pursuant to Ordinance No. 1256-2016, passed May 16, 2016, the First Amendment for Assignment and Assumption to the AGREEMENT (the “FIRST AMENDMENT”) was entered into on June 30, 2016 to amend the AGREEMENT to assign all of the benefits and obligations from N.P. Limited Partnership to The Pointe at Polaris Phase I, LLC (“Pointe I”), and to assign certain benefits and obligations from Pointe I to the Columbus-Franklin County Finance Authority (“Finance Authority”). Pointe I and the Finance Authority submitted an application for abatement related to the first phase of the PROJECT (“PHASE I”) to the CITY on July 16, 2018, and the...