header-left
File #: 1187-2008    Version: 1
Type: Ordinance Status: Passed
File created: 6/30/2008 In control: Finance & Economic Development Committee
On agenda: 7/14/2008 Final action: 7/17/2008
Title: To appropriate and authorize the expenditure of $1.35 million from the Polaris Tax Increment Financing District, Fund No. 402 in order to pay certain costs previously authorized by agreements between the City of Columbus and the developer of the Polaris TIF District. These monies will provide for payment to the Developer associated with the Polaris Interchange at Interstate 71 and Fashion Mall Parkway and to declare an emergency.
Date Ver.Action ByActionResultAction DetailsMeeting Details
7/17/20081 CITY CLERK Attest  Action details Meeting details
7/15/20081 MAYOR Signed  Action details Meeting details
7/14/20081 Columbus City Council ApprovedPass Action details Meeting details
7/14/20081 COUNCIL PRESIDENT Signed  Action details Meeting details
7/9/20081 City Clerk's Office Sent back for Clarification/Correction  Action details Meeting details
7/9/20081 Auditor Drafter Sent to Clerk's Office for Council  Action details Meeting details
7/1/20081 Auditor Drafter Sent to Clerk's Office for Council  Action details Meeting details
6/30/20081 Auditor Drafter Sent for Approval  Action details Meeting details
6/30/20081 CITY AUDITOR Reviewed and Approved  Action details Meeting details
6/30/20081 CITY AUDITOR Reviewed and Approved  Action details Meeting details
6/30/20081 Auditor Drafter Sent for Approval  Action details Meeting details
6/30/20081 CITY ATTORNEY Reviewed and Approved  Action details Meeting details
Explanation

The Polaris Tax Increment Financing District (the TIF) has been proven to be a very successful effort on the part of the City and the developer. Previous ordinances have authorized the City to enter into various agreements and to pay for the costs associated with those agreements with monies borrowed via City issued bonds.

Some of the previous ordinances which speak to this effort are as follows. Ordinance No. 3106-96 adopted 12/16/96 created the TIF, Ordinances No. 627-04 and No. 1560-05 expanded the TIF area, and Ord. No. 733-04 authorized the transfer of monies to provide for the ODOT Agreement. Ord. No. 734-04 authorized the City to enter into an agreement with ODOT in an amount of $27,600,000, and Ord. No. 745-04 authorized the issuance of City bonds in an amount not to exceed $35 million to provide funds to pay the costs of the agreement with ODOT and the Developer and to refund a previous bond issue. Of the $35 million of bonds authorized pursuant to Ordinance 745-04, the City has issued $20 million of Senior TIF bonds on October 28, 2004 and $8,150,000 of Junior TIF bonds on various dates in 2005 and 2006. There is currently an aggregate total of $27.535 million of indebtedness outstanding.

The remaining costs due to the Developer under these agreements are presently estimated at $1.35 million. The TIF has been sufficiently successful to provide for the payment of these costs directly from TIF monies contained in the TIF Fund No. 402 thereby making the additional issuance of bonds unnecessary at this time. This Ordinance will authorize the payment of these costs from TIF Fund No. 402.

The final payment to ODOT was authorized in this same manner via Ordinance No. 674-2008 adopted by this Council on May 5, 2008.


Title

To appropriate and authorize the expenditure of $1.35 million from the Polaris Tax Increment Financing District, Fund No. 402 in order to pay certain costs previously authorized by agreements betw...

Click here for full text