Explanation
BACKGROUND: The purpose of this legislation is to amend Ordinance No. 3106-96, enacted by Columbus City Council on December 16, 1996. The 1999 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 area covered by the original Polaris TIF by adding on aggregate of 82.45 +/- acres to the Polaris TIF area in order to provide additional revenues necessary to fund the cost of the public improvements as set forth in Exhibit B-1.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Ordinance No 3106.96 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.
(Polaris TIF boundaries) (AMENDED BY ORD.#1560-2005) PASSED 12/12/05)
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 the property described on Exhibit A of that Original (the "Original Property") are or, upon completion, will be a public purpose and wish to expand the real property contained in the Original Ordinance; and
WHEREAS, the 82.45+/- acres described in Exhibit A-1 attached hereto (the "New Property") shall be added to the Original Property and collectively they shall become the current real property (the "Expanded Property"); and
WHEREAS, the New Property is located in the State...
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