Explanation
Ordinance 1411-2006 passed by City Council July 31, 2006 authorized the Public Service Director to levy a special assessment upon the lots and lands benefited by the construction of streetscape enhancements on North High Street from Arcadia Avenue to Torrence Road for the Transportation Division and declared an emergency. This ordinance established the terms and conditions by which affected property owners can elect to pay the total amount of their portion of the assessment in a lump sum or allow the amount assessed to be added to their property tax billing over a ten-year period with interest charged at a rate established by the City Auditor and memorialize by ordinance.
The preliminary interest incorporated into Ordinance 1411-2006 was 4.850 percent. The final interest rate is 3.925 percent. This legislation revises Ordinance 1141-2006 to reflect the final interest rate.
Fiscal Impact: None.
Emergency action is requested in order that the assessment process can be completed expeditiously and reflect the final interest rate.
Title
To amend Section 2 within Ordinance 1411-2006 that authorized the Public Service Director to levy a special assessment upon the lots and lands benefited by the construction of streetscape enhancements on North High Street from Arcadia Avenue to Torrence Road for the Transportation Division to change the interest rate germane to the assessment from 4.850 percent to 3.925 percent and to declare an emergency. ($-0-)
Body
WHEREAS, Ordinance 1411-2006 passed by City Council July 31, 2006 authorized the Public Service Director to levy a special assessment upon the lots and lands benefited by the construction of streetscape enhancements on North High Street from Arcadia Avenue to Torrence Road for the Transportation Division and declared an emergency; and
WHEREAS, this ordinance established the terms and conditions by which affected property owners can elect to pay the total amount of their portion of the assessment in a lump sum or allow the amount assessed to be added to their property tax billing over a ten-year period with interest charged at a rate established by the City Auditor and memorialize by ordinance; and
WHEREAS, the preliminary interest rate suggested by the City Auditor's Office and incorporated into Ordinance 1411-2006 was 4.850 percent and the final interest rate is 3.925 percent; and
WHEREAS, this pending legislation amends Section 2 (only) of Ordinance 1141-2006 to reflect the final interest rate; and
WHEREAS, an emergency exists in the usual daily operation of the Public Service Department, Transportation Division, in that it is immediately necessary to amend said ordinance to reflect the final interest rate in order that the assessment process can be completed expeditiously, 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 Section 2 of Ordinance 1411-2006 passed by City Council July 31, 2006, be and hereby is revised to read as follows:
SECTION 2. That the total assessment shall be payable at the office of the City Treasurer of Columbus, in Franklin County, Ohio, within thirty days from the effective date of this ordinance, or at the option of the owner, in ten annual installments with interest upon deferred payment at an annual rate of 4.850 3.925 percent at the Office of the County Treasurer of Franklin County, Ohio, after the same have been certified to the County Auditor of Franklin County, Ohio, for collection in the manner provided by law.
SECTION 2. 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 its passage if the Mayor neither approves nor vetoes the same.