Explanation
Background: The Department of Development is proposing the establishment of a tax increment financing ("TIF") area pursuant to Section 5709.40(B) of the Ohio Revised Code in the Polaris Centers of Commerce development. The TIF area will include parcels that, as of January 1, 2018, were either undeveloped, planned for redevelopment or for which development is not yet complete in the Polaris area, the Gemini Place extension area and the Lyra Drive area.
The attached ordinance provides for a 100% exemption from real property taxation on the increase in assessed value of all nonresidential development (as defined in the TIF statutes) on the TIF parcels (such increased value, the “Improvement”) for a period of not more than thirty (30) years. The Olentangy Local School District ("Olentangy") and the Delaware County Joint Vocational School District (the "Career Center" and, collectively with Olentangy, the "School Districts") will receive in years 1 through 20, 50% of the real property tax revenues on the Improvement they would have received had the Improvement not been subject to the TIF and, in years 21 through 30, 100% of the real property tax revenues on the Improvement they would have received had the Improvement not been subject to the TIF. Annual service payments in lieu of taxes will be made with respect to the Improvement. The applicable portion of those service payments will be distributed directly to the School Districts, with the remaining non-school portion of those service payments paid to the City for deposit into the TIF fund established in the Ordinance to be used to fund public infrastructure improvements benefiting the TIF parcels.
This ordinance also removes parcels from the Polaris II TIF that are unimproved or under development to create the Polaris III TIF, thereby allowing a full 30-year TIF program on those TIF parcels.
Emergency Justification: Emergency legislation is requested in order to maintain the project schedule an...
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