Explanation
BACKGROUND: Columbus City Council approved the creation of the Polaris Tax Increment Finance (TIF) on December 16, 1996 by Ordinance 3106-96. This original Ordinance was amended on April 7, 2004 by Ordinance 627-2004, which added 82.45 +/- acres to the Polaris TIF district. The present legislation is the second amendment of Ordinance 3106-96 and the purpose is to add 22 +/- 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.
The Olentangy Local School District will receive payments in lieu of real property taxes in the amount that would have been paid if the improvements had not been exempted from taxation.
Notice of this proposed Ordinance has been delivered to the Boards of Education of the Olentangy Local School District and the Delaware Joint Vocational School District.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Ordinance No. 3106-96, and Ordinance No. 627-2004, to declare improvements to certain additional parcels of real property to be a public purpose; to require the owners thereof to make service payments in lieu of taxes to be used to fund the costs of the public improvements; to describe the public improvements to be made to benefit those parcels; and to declare an emergency (Polaris TIF boundaries).
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 Columbus City Council (the "City") approved Ordinance No. 3106-96 (the "Original Ordinance") on December 16, 1996 to establish the Polaris Tax Increment Finance (TIF) district (the "Original Property") described in Exhibit A of the Original Ordinance, and determined that real p...
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