Explanation
The City of Columbus is engaged in the McKinley Avenue Improvement project. The purpose of this project is to improve storm drainage, install curb and gutter, and replace the existing pavement on McKinley Avenue between Central Avenue and Souder Avenue to encourage redevelopment of the area. This legislation authorizes the City Attorney to contract for professional services, acquire fee simple title and lesser interests in and to needed property, and to expend the money necessary for payment of acquisition costs incurred in connection with this project.
Acquisition-related expenses are estimated to be $500,000.00. This amount is budgeted in the Development Department's allocation within the 1995, 1999 Voted Streets and Highways Fund. All available cash within this fund has been exhausted until the next bond/note sale. This ordinance certifies this expense against the Special Income Tax Fund as a temporary funding measure until the sale, at which time the Special Income Tax Fund will be reimbursed.
Construction of this improvement project is slated to begin in early 2006.
Emergency action is requested to accommodate this schedule and allow right-of-way acquisition and utility relocation activities to begin immediately.
Title
To authorize the City Auditor to transfer $500,000.00 from the Special Income Tax Fund to the 1995, 1999 Voted Streets and Highways Fund; to appropriate $500,000.00 within the 1995, 1999 Voted Streets and Highways Fund; to authorize the City Attorney to contract for professional services and acquire fee simple title and lesser interests in and to property needed for the McKinley Avenue Improvement project for the Transportation Division; to expend $500,000.00 from the 1995, 1999 Voted Streets and Highways Fund for acquisition-related costs for this project, and to declare an emergency. ($500,000.00)
Body
WHEREAS, the City of Columbus is engaged in the McKinley Avenue Improvement project; and
WHEREAS, the purpose of this project is to improve storm drainage, install curb and gutter, and replace the existing pavement on McKinley Avenue from Central Avenue to Souder Avenue to encourage redevelopment of the area; and
WHEREAS, acquisition-related expenses for this project are estimated to be $500,000.00; and
WHEREAS, it is necessary to authorize the appropriation and transfer of funds for the project to proceed; and
WHEREAS, the City will sell notes or bonds for the aforementioned project and will reimburse the Special Income Tax Fund, 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 the project is presently expected not to exceed $500,000.00; and
WHEREAS, it is immediately necessary to both appropriate said funds from the Special Income Tax Fund and transfer said funds into the 1995, 1999 Voted Streets and Highways Fund; and
WHEREAS, an emergency exists in the usual daily operation of the Public Service Department, Transportation Division, in that it is immediately necessary to authorize the City Attorney to acquire fee simple title and lesser interests in and to those parcels needed for the McKinley Avenue Improvement project and to expend those funds required to pay acquisition-related costs to allow right-of-way acquisition and utility relocation activities to begin immediately to accommodate construction in 2006, thereby preserving the public health, peace, property, safety and welfare; now, therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the sum of $500,000.00 be and hereby is appropriated from the unappropriated balance of the Special Income Tax Fund, Fund 430, and from 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, 2004, to the City Auditor, Department No. 22-01, Object Level One Code 10, Object Level Three Code 5502 and OCA Code 902023.
SECTION 2. That the City Auditor is hereby authorized to transfer said funds to the 1995, 1999 Voted Streets and Highways 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 3. That the amount of $500,000.00 be and hereby is appropriated to the 1995, 1999 Voted Streets and Highways Fund, Fund 704, for the Transportation Division, Department No. 59-09, Object Level One Code 06, Object Level Three Code 6601 and Project 590110.
SECTION 4. That upon obtaining other funds for the McKinley Avenue Improvement project, 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 5. That the City Auditor is authorized to make any accounting changes to revise the funding source for any contract or contract modification associated with expenditure of the funds transferred in Section 2, above.
SECTION 6. That the City intends that this ordinance constitute an "official intent" for purposes of Section 1.150-2(e) of the Treasury Regulations promulgated pursuant to the Internal Revenue Code of 1986, as amended.
SECTION 7. That the City Attorney be and hereby is authorized to acquire fee simple title and lesser interests in and to those parcels needed for the McKinley Avenue Improvement project and to expend those funds required for acquisition-related costs.
SECTION 8. That for the purpose of paying for said costs the sum of $500,000.00, or so much thereof as may be necessary, be and hereby is authorized to be expended from Fund 704, the 1995, 1999 Voted Streets and Highways Fund, Department No. 59-09, Transportation Division, Object Level One Code 06, Object Level Three Code 6601, OCA Code 644385 and Project 590110.
SECTION 9. That for the reasons stated 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 passage if the Mayor neither approves nor vetoes the same.