Explanation
Background: The Columbus City Council passed Ordinance 3106-96 on December 16, 1996 (the "Original TIF Ordinance") as amended by Ordinance 0627-2004, passed April 5, 2004, Ordinance 1560-2005 passed December 14, 2005 and Ordinance 1914-2008 passed by Council on December 1, 2008, (the "Amending TIF Ordinances" and together with the Original TIF Ordinance, the "TIF Ordinance"), establishing the Polaris TIF area (TIF Area) benefiting parcels near Polaris Parkway and Interstate 71 pursuant to Section 5709.40(B) of the Ohio Revised Code. Ordinance 2188-2011 passed December 5, 2011 approved and authorized a tax increment financing agreement between the City of Columbus and N.P. Limited Partnership, an Ohio limited partnership having KEW Investment Company as its sole general partner to provide for the construction and financing of certain improvements within and around the Polaris TIF area.
Due to the many public improvement projects to take place in this area there will be a need for multiple departments to enter into subsequent agreements with the N.P. Limited Partnership.
This ordinance will amend Ordinance 2188-2011 by adding language authorizing the Director of Development or other appropriate officers of the City to execute subsequent agreements with N.P. Limited Partnership.
Fiscal Impact: No City funding is required for this legislation.
Title
To amend Ordinance 2188-2011 by adding language that authorizes the Director of Development or other appropriate officers of the City to execute subsequent agreements and instruments with N.P. Limited Partnership to provide for the construction and financing of certain improvements within and around the Polaris tax increment financing area; and to declare an emergency.
Body
WHEREAS, Sections 5709.40(B), 5709.42 and 5709.43 of the Ohio Revised Code authorize this Council, by ordinance, to declare the improvement to certain parcels of real property located within the corporate b...
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