Explanation
BACKGROUND: Columbus City Council (the "City") established in Ordinance 1847-2015 (the "Polaris II TIF Ordinance"), among other things, the Polaris II Tax Increment Financing area in the Polaris Centers of Commerce development (the "Polaris II TIF") pursuant to Section 5709.40(B) of the Ohio Revised Code. The Polaris II TIF area includes undeveloped parcels in the existing Polaris Tax Increment Financing Area (the "Polaris TIF") created in Ordinance 3106-96, as amended, the Gemini Place extension area and the Lyra Drive area.
This ordinance authorizes the Director of Development and other City officials to execute any amended, amended and restated, or original tax increment financing ("TIF") agreement determined by those officials to be appropriate in connection with the Polaris TIF and the Polaris II TIF.
FISCAL IMPACT: No funding is required for this legislation. The amendment, amendment and restatement to the TIF agreement or the execution of an original TIF agreement will govern the use of real property tax revenue that the City would have received with respect to development on the TIF parcels. The non-school portion of that revenue will be diverted to the specified Special Fund created in Ordinance 3106-96 to be used for public infrastructure improvements benefiting the Polaris II TIF parcels.
Title
To authorize the execution and delivery of an amendment, amendment and restatement, or original Tax Increment Financing Agreement in connection with establishment of the Polaris II TIF; and to declare an emergency.
Body
WHEREAS, the City, in Ordinance 3106-96, as amended by Ordinances 0627-04 and 1560-2005, established the Polaris TIF; and
WHEREAS, the City entered into the Tax Increment Financing Agreement dated as of May 8, 2012, between the City and N.P. Limited Partnership (the "Developer"), as amended by a First Amendment to Tax Increment Financing Agreement dated as of November 14, 2012 (collectively, the "TIF Agreement"), in c...
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