Explanation
Background
City Council established the original Polaris tax increment financing (TIF) area in 1996 by Ordinance No. 3106-96 passed by City Council on December 16, 1996 to provide for a 30 year tax increment financing exemption beginning for tax year 1997 and ending in tax year 2026 in order to fund infrastructure improvements necessary for the development of Polaris. The TIF area was subsequently expanded by Ordinance No. 0627-2004 passed by City Council on April 5, 2004, Ordinance No. 1560-2005 passed by its City Council on December 12, 2005, Ordinance No. 1914-2008 passed by City Council on December 1, 2008, and Ordinance 1582-2013 passed by City Council July 1, 2013. Then, the TIF area was reduced in size by Ordinance No. 1847-2015 passed by City Council on July 13, 2015 to establish the Polaris II TIF and Ordinance 3313-2018 passed December 10, 2018 to establish the Polaris III TIF and now the Polaris TIF area encompasses its present boundaries, as shown on Exhibit A to the attached ordinance. The Polaris TIF currently generates approximately $4.2 million per year in non-school TIF Revenue after providing for compensation payment to the Olentangy Local School District, which receives all real property taxes it would otherwise receive absent the TIF exemption. In 2019, the Ohio General Assembly adopted Section 5709.51 of the Revised Code, which allows City Council to extend the term of the exemption for certain TIFs generating in excess of $1.5 million per calendar year in service payments made pursuant to Ohio Revised Code Section 5709.42 like the Polaris TIF for a period of up to 30 additional years. The attached ordinance extends the Polaris TIF for an additional 30 year period, through tax year 2056, in order to provide funding for the additional public infrastructure anticipated to be necessary to enable additional business expansion and real estate development of the Polaris area during that timeframe. The Olentangy Local School Distric...
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