Explanation
BACKGROUND: Community Reinvestment Areas (CRAs) have been designated by Columbus City Council under the general guidelines of Ordinance 1698-78. Such areas allow for granting real property tax incentives to encourage industrial, commercial and residential growth.
Columbus City Council (Council) by Resolution 38x-94, as approved on March 14, 1994, created the Old State Road CRA which Council subsequently amended by Resolutions 140x-97 on November 17, 1997, 10x-98 on February 9, 1998, 109x-98 on July 27, 1998 and 145X-2007 on September 24, 2007, providing for tax exemptions for improvements to real property up to 100% not exceeding 15 years for the new construction of non-retail, non-hotel, non-residential business or industrial structures as described in Section 3735.67 of the Ohio Revised Code. The Old State Road CRA most recently received confirmation by the Ohio Department of Development on September 19, 2008.
N.P. Limited Partnership is an Ohio limited partnership formed in 1987 and is the developer of the Polaris Centers of Commerce, an approximately 1,200 acre mixed-use development in north Columbus. In less than twenty (20) years, Polaris has become the largest and most successful business park in Central Ohio.
This current project being proposed by N.P. Limited Partnership, Pointe at Polaris, is the investment of approximately $86.8 million in the overall development of approximately twenty (20) acres comprised of parcels 318-431-01-017-000 and 318-431-01-013-003 in Delaware County to be developed in phases based on market conditions. The initial phase of the total project would include a mixed use structure comprised of approximately 31,000 square feet of retail space and approximately 72,000 square feet of “Class A” office space, approximately 190 multi-family residential units, and a parking garage containing approximately 600 spaces. Future phases would include a stand-alone office building of approximately 105,000 square feet, approxim...
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