Explanation
BACKGROUND: Ordinance 2656-2003, passed December 8, 2003, established the Rocky Fork Tax Increment Financing Fund to pay for certain public infrastructure improvements. This legislation authorizes the transfer of cash totaling $1,125,855.00 from the Rocky Fork Tax Increment Financing Fund to the Recreation and Parks Permanent Improvement Fund for parkland acquisition.
FISCAL IMPACT: The passage of this ordinance will allow the transfer of $1,125,855.00 cash from the Rocky Fork Tax Increment Financing Fund to the Recreation and Parks Permanent Improvement Fund and the appropriation of $1,125,855.00 within the Recreation and Parks Permanent Improvement Fund.
EMERGENCY DESIGNATION: Emergency action is requested to allow the financial transaction to be posted in the City's accounting system as soon as possible and to immediately facilitate the acquisition of parkland.
Title
To authorize the appropriation of $1,125,855.00 within the Rocky Fork Tax Increment Financing Fund; to authorize and direct the City Auditor to transfer cash totaling $1,125,855.00 from the Rocky Fork Tax Increment Financing Fund to the Recreation and Parks Permanent Improvement Fund to provide funding for parkland acquisition; to authorize the appropriation of $1,125,855.00 within the Recreation and Parks Permanent Improvement Fund; and to declare an emergency. ($1,125,855.00)
Body
WHEREAS, this legislation authorizes the transfer of cash totaling $1,125,855.00.00 from the Rocky Fork Tax Increment Financing Fund to the Recreation and Parks Permanent Improvement Fund to provide funds for parkland acquisition; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, in that there is an immediate need to transfer cash and authorize the appropriation for the purchase of park land, for the preservation of the public health, peace, property, safety and welfare; NOW, THEREFORE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
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