Explanation
Background: The City established in Ordinance No. 3313-2018 (the “Polaris III TIF Ordinance), among other things, removed certain unimproved parcels from the 2015 Property to create the Polaris III TIF, authorized the execution of a School Compensation Agreement to provide compensatory payments to Olentangy and the Delaware Area Career Center and provided that the Additional Service Payments would be deposited into the TIF Fund.
The attached ordinance authorizes the Director of Development and other City officials to execute an amendement to the amended and restated tax increment financing ("TIF") agreement determined by those officials to be appropriate in connection with the Polaris TIF, the Polaris II TIF and the Polaris III TIF. The ordinance also authorizes the Director of Development and other City officials to execute the Cooperative Agreement with the Franklin County Finance Authority, NP Capital Management Corp, The Pointe at Polaris Phase I, LLC and Pointe at Polaris Phase II, LLC in order to allow for the sale of bonds by the Franklin County Finance Authority to fund the parking garage and related improvements associated with the Pointe at Polaris - Phase II project.
Fiscal Impact: No funding is required for this legislation. The amendment, or amendment and restatement, to the 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 portion of that revenue (other than amounts required by the School Compensation Agreement with Olentangy Local School District) will be diverted to the specified Special Fund created in Ordinance No. 3106-96 to be used for public infrastructure improvements benefiting the Polaris III TIF parcels.
Title
To authorize the Director of the Department of Development to execute an amendment to the First Amended and Restated Tax Increment Financing Agreement in connection with establishment of the Polaris III TIF and to execu...
Click here for full text