Explanation
Background: City Council passed Ordinance Numbers 3106-96 on December 16, 1996, and 1847-2015 on July 13, 2015 (the “TIF Ordinances”) establishing a tax increment financing districts (TIF Districts) known as the Polaris TIF and Polaris II TIF benefiting parcels located in the northern area of the city in the Olentangy School District pursuant to Section 5709.40(B) of the Ohio Revised Code. Ordinance No. 1260-2016 passed on May 16, 2016, authorized the Director of Development to enter into an amended and restated tax increment finance agreement with N.P. Capital Management Corp. to provide for the construction and financing of certain improvements within and around those tax increment finance districts.
Due to the many public improvement projects to take place in this area, there may be a need for multiple departments to enter into subsequent agreements with N.P. Capital Management Corp. This ordinance will amend Ordinance No. 1260-2016 by adding language that authorizes the Director of Development or other appropriate officers of the City to execute subsequent agreements with N.P. Capital Management Corp.
An emergency exists in the usual daily operation of the Department of Development in that this Ordinance is required to be immediately effective in order to facilitate the continuing development of the TIF Districts.
Fiscal Impact: No City funding is required for this legislation.
Emergency Justification: Emergency legislation is required to allow for the immediate amendment to the ordinance authorizing the tax increment financing agreement, which is necessary to facilitate the design and construction of public improvements to maintain project schedules and to coincide with the established development timeline.
Title
To amend Ordinance No. 1260-2016 by adding language authorizing the Director of Development or other appropriate officers of the City to execute subsequent agreements and instruments with N.P. Capital Management Corp. to provide for th...
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