Explanation
BACKGROUND: The City passed Ordinance 1847-2015 on July 13, 2015 (the "Polaris II TIF Ordinance"), which established, 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 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 to execute an Amended and Restated Tax Increment Financing Agreement (the “Amended and Restated Agreement”) by and between the City and NP Capital Management Corp. (the “Developer”) in substitution for N.P. Limited Partnership (the “Original Developer”) under the Tax Increment Financing Agreement, pursuant to Ordinance 2188-2011, dated May 8, 2012 (the “Original Agreement”), as amended by the First Amendment to Tax Increment Financing Agreement (the “First Amendment”), each by and between the City and the Original Developer.
This ordinance also authorizes the Director of Development to execute a Cooperative Agreement (the “Cooperative Agreement”) by and between the Columbus-Franklin County Finance Authority (the “Authority”), the City, The Pointe at Polaris Phase I, LLC (“Pointe at Polaris”) and the Developer related to bonds issued in accordance with and as contemplated by the Amended and Restated Agreement.
FISCAL IMPACT: No funding is required for this legislation. The Amended and Restated Agreement and the Cooperative 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.
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