Explanation
Background: In 2005, the Greater Parsons Avenue Area Vision Plan process was initiated to create a strategic action plan for the community. In partnership with the community through a visioning process, the strategic action plan will contain goals for the community as well as measurable objectives and recommendations. The recommendations will focus on a variety of areas including economic development and land use stabilization. The Plan included the identification of key parcels for redevelopment and proposed generalized concept plans for those areas. This legislation authorizes funds to acquire identified properties for potential redevelopment.
Fiscal Impact: $1,600,000.00 transferred from the Special Income Tax Fund to the Northland and Other Acquisition Bond Fund No. 735 to be expended for acquisitions. The budget authority to be used for this project will come from Fund No. 735 Miscellaneous Development and Acquisition project, and Fund No.735 Land Assemblage project.
Emergency Justification: Emergency action is requested in order to meet deadlines for closing under the various real estate purchase contracts.
Title
To authorize the transfer and appropriation of an amount not to exceed $1,600,000.00 from the Special Income Tax Fund to the Northland and Other Acquisitions Bond Fund; to authorize the Director of Development to enter into contracts for purchase of certain real properties within the Greater Parsons Avenue Area Vision Plan; to authorize the expenditure of $1,600,000.00 from the Northland and Other Acquisitions Bond Fund; and to declare an emergency. ($1,600,000)
Body
WHEREAS, The Greater Parsons Avenue Area Vision Plan (the "Plan") was initiated to provide economic development and land use stabilization along Parsons Avenue; and
WHEREAS, The Plan included the possible acquisition of key parcels for development; and
WHEREAS, Columbus Urban Growth Corporation ("CUGC") has identified parcels for sale; and
WHEREAS, it is necessary to enter into an agreement with CUGC to purchase these properties through purchase contracts or assignments of purchase contracts obtained by CUGC; and
WHEREAS, the City will sell notes or bonds to fund this project and will reimburse the Special Income Tax Fund and this transfer should be considered as a temporary funding method; and
WHEREAS, the aggregate principal amount of obligations which the City will issue to finance this project is presently expected not to exceed $1,600,000.00 ; and
WHEREAS, an emergency exists in the daily operation of the Department of Development in that it is immediately necessary to proceed with the acquisitions of these properties in order to meet contract deadlines; now therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of Development be and he is hereby authorized to enter into agreement(s) with Columbus Urban Growth Corporation to purchase by direct purchase contract(s) or by assignment of existing contract(s) properties identified in the Plan for an amount not to exceed $1,600,000.00.
Section 2. That from the unappropriated monies in the Special Income Tax Fund No. 430 and all monies estimated to come into said fund from any and all sources and unappropriated for any other purpose during the fiscal year ending December 31, 2006 the sum of $1,600,000.00 is appropriated to the City Auditor, Department 22-01.
Section 3. That the City Auditor is hereby authorized to transfer said funds to the Northland and Other Acquisitions Bond Fund at such time as is deemed necessary by the City Auditor, and to expend said funds, or so much thereof as may be necessary.
Section 4. That the amount is hereby appropriated to the Northland and Other Acquisition Bond Fund No. 735; project number, object level, and OCA Codes to be assigned by the City Auditor.
Section 5. That the expenditure of $1,600,000.00 or so much thereof as may be necessary and is hereby authorized from the Northland and Other Acquisition Bond Fund No. 735, Development Department.
Section 6. That the City Auditor is hereby authorized to transfer the unencumbered balance in a project account to the unallocated balance account within the same fund upon receipt of certification by the Director of the Department administering said project that the project has been completed and the monies are no longer required for said project; except that no transfer shall be made from a project account funded by monies from more than one source.
Section 7. That upon obtaining other funds for this project by selling bonds or notes the City Auditor is hereby authorized to repay the Special Income Tax Fund the amount transferred under Section 2, above; and said funds are hereby deemed appropriated for such purpose.
Section 8. That the City Auditor is authorized to make any accounting changes to revise the funding source for any contract or modification associated with the expenditures of the funds transferred in Section 2, above.
Section 9. That the City intends that this ordinance constitutes an "official intent" for purpose of Section 1.150-2(e) of the Treasury Regulations promulgated pursuant to the Internal Revenue Code of 1986, as amended.
Section 10. That for the reasons state in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after its passage if the Mayor neither approves nor vetoes the same.