Explanation
Background: Ordinance No. 3313-2018 authorized the establishment of a third tax increment financing area pursuant to Ohio Revised Code Section 5709.40(B) near the Polaris Centers of Commerce development (the “Polaris III TIF”). The purpose of this ordinance is to amend Ordinance No. 3313-2018 in order to 1) clarify which parcels in the Polaris III TIF were removed from both of the previously existing tax increment financing areas around Polaris; 2) to clarify the distribution of service payments in lieu of taxes to be made by the Delaware County Treasurer; 3) to appropriate the service payments in lieu of taxes and property tax rollback payments generated from the Polaris III TIF (the “Service Payments”) deposited into the Polaris TIF Fund pursuant to Sections 2, 3, and 4 of Ordinance No. 3313-2018; and 4) to authorize an expenditure to the Olentangy Local School District and the Delaware Area Career Center, pursuant to the terms and conditions of the Compensation Agreement dated December 11, 2019 authorized by Section 7 of Ordinance No. 3313-2018.
Emergency Justification:
Emergency legislation is requested because the Compensation Agreement requires that the City make compensation payments from the Service Payments to the Olentangy Local School District and the Delaware Area Career Center within thirty (30) days of receiving the verification statement from the administrator, which the time period will have elapsed if this legislation were not passed by emergency.
Fiscal Impact: No funding is required for this legislation. The City is appropriating and authorizing the expenditure of the Service Payments to be deposited in the Polaris TIF Fund (4402) in accordance with the Compensation Agreement.
Title
To amend Ordinance No. 3313-2018 in order to clarify (i) which Polaris III TIF parcels were removed from existing tax increment financing areas and (ii) the distribution of the Polaris III TIF service payments in lieu of taxes by the Delaware...
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