Explanation
Background: The Columbus City Council passed Ordinance 3106-96 on December 16, 1996 (the “Original TIF Ordinance”), to establish the Polaris Tax Increment Finance Area (TIF Area) benefiting parcels near Polaris Parkway and Interstate 71 pursuant to Section 5709.40(B) of the Ohio Revised Code. The Original TIF Ordinance was amended by Ordinance 0627-2004 passed by City Council on April 5, 2004, to add additional parcels, Ordinance 1560-2005 passed on December 14, 2005, to add additional parcels and Ordinance 1914-2008 passed on December 1, 2008, also to add additional parcels. 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 (Developer) to provide for the construction and financing of certain improvements within and around the Polaris TIF area.
The purpose of this legislation is to amend the original Polaris TIF Ordinance Number 3106-96, enacted by Columbus City Council on December 16, 1996 by adding the parcels listed in Exhibit A (Parcel List & Map) to provide additional revenues necessary to fund the cost of the public improvements as set forth in Exhibit B.
Fiscal Impact: No City funding is required for this legislation.
Title
To amend Ordinance 3106-96 establishing the Polaris Tax Increment Finance Area 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.
Body
WHEREAS, Sections 5709.40(B), 5709.42 and 5709.43 of the Ohio Revised Code authorize this Council, by ordinance, to declare the improvements to certain parcels of real property located within the corporate boundaries of the City of Columbus, Ohio (the “City”), to be a public purpose and exempt from taxat...
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