Explanation
BACKGROUND: The City of Columbus, Department of Development desires to purchase property for the Taylor Homes Project. These properties are being purchased for redevelopment purposes. The following legislation authorizes the Director of the Department of Development to execute any and all documents necessary to acquire the aforementioned real property and to appropriate, transfer and expend $300,000.00 for the cost relevant to this acquisition. These properties will be deeded to Columbus Urban Growth Corporation as needed for their redevelopment project.
FISCAL IMPACT: The $300,000.00 will come from the Special Income Tax Fund. This legislation authorizes the transfer and the expenditure of funds. Columbus Urban Growth Corporation will manage and maintain these properties until redevelopment.
EMERGENCY JUSTIFICATION: Emergency action is requested in order to allow the purchase of the real property without delay and in order to meet the closing date.
Title
To authorize the Director of the Department of Development to enter into and execute those documents necessary to purchase real property for the Taylor Avenue Homes Project; to authorize the appropriation and transfer of $300,000.00 from the Special Income Tax Fund to the Northland and Other Acquisition Fund; to authorize the expenditure of $300,000.00; and to declare an emergency. ($300,000.00)
Body
WHEREAS, the City of Columbus, Department of Development desires to purchase real property for the Taylor Avenue Homes Project; and
WHEREAS, the real property being purchased is for redevelopment within the Taylor Avenue Homes Project area; and
WHEREAS, it is necessary to appropriate and transfer $300,000.00 from the Special Income Tax Fund to the Northland and other Acquisition Fund and to expend same; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, in that it is necessary to execute those documents necessary for the purchase and subsequent lease of real property for the immediate preservation of the public health, peace, property and safety; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of Development is hereby authorized to enter into and execute those documents necessary to purchase certain real property for the Taylor Avenue Homes Project.
Section 2. That the sum of $300,000.00 is hereby appropriated from unappropriated balance of the Special Income Tax Fund no. 430, and from all monies estimated to come into said fund from any and all sources and unappropriated for any other purchase during the fiscal year ending December 31, 2003, to the City Auditor, Dept./Div. No. 22-01, Object Level One 10, OCA Code 902023, Object Level Three, 5502.
Section 3. That the City Auditor is hereby authorized to transfer said funds to the Northland and Other Acquisition Fund No. 735, Project No. 441737, at such time as is deemed necessary by the City Auditor.
Section 4. That the sum of $300,000.00 is hereby authorized to be appropriated and expended from the Northland and other Acquisition Fund No. 735, Project No. 441737, Division No. 44-01, Object Level One 6601, OCA Code 441737.
Section 5. That upon obtaining other funds for the Taylor Avenue Homes Project No. 441737, the City Auditor is hereby authorized to repay the Special Income Tax Fund the amount transferred under Section 1 above, and said funds are hereby deemed appropriated for such purpose.
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 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 tens days after passage if the Mayor neither approves nor vetoes the same.