Explanation
Background
The “Polaris TIF” was approved by Council through Ordinance 3106-96, and expanded by Council via 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 combine with other non-TIF exempted parcels to establish the “Polaris II TIF” and then the “Polaris III TIF.” 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”) pursuant to Ordinance 1260-2016 as amended by the First Amendment to the Original Agreement, dated as of December 11, 2019 (the “First Amendment,” and together with the Original Agreement, the “Agreement”) pursuant to Ordinance 2876-2019 to provide funding for public infrastructure improvements necessary for the development of Polaris and the surrounding area from the Polaris TIFs. Ordinance 2876-2019 also authorized the City to enter into a Cooperative Agreement with the Columbus-Franklin County Finance Authority (the “CFCFA”), the Developer, The Pointe at Polaris Phase I, LLC and Pointe at Polaris Phase II, LLC in order to allow for the sale and repayment of bonds issued by the CFCFA to fund and/or refinance the parking garages and related improvements associated with the Pointe at Polaris - Phase I & II projects.
The City and Developer are now engaged in the construction of the Roadway Improvements - Lyra Drive Extension CIP No. 530161-100204 (the “Project”) pursuant to the Agreement and the Construction Reimbursement Agreement dated June 29, 2020 (the “CGMRA”) authorized by Ordinance 2631-2018. This Ordinance approves and authorizes an additional cooperative agreement by and among the City, the CFCFA, and the Developer (the “Lyra Cooperative Agreement”) to allow for the sale and repayment of bonds issued by the CFCFA to finance the Project and a portion of the next pha...
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