Explanation
BACKGROUND:
Ordinance No. 1694-2003 authorized the Director of Development Department to enter into a Columbus Downtown Office Incentive Program agreement with Residential Finance Corporation. Residential Finance Corporation has met all requirements to satisfy the agreement and qualifies for a payment in the amount of $20,994.22.
Emergency action is requested so that the conditions of the Downtown Office Incentive Program agreement can be honored in a timely manner.
FISCAL IMPACT:
The 2005 General Fund Budget includes $ 246,608 for incentive payments.
Title
To authorize and direct the payment of $20,994.22 to Residential Finance Corporation in accordance with the Downtown Office Incentive Program agreement; to authorize the expenditure of $20,994.22 from the General Fund; and to declare an emergency. ($20,994.22)
Body
WHEREAS, Ordinance No. 1694-2003 authorized the Director of the Development Department to enter into a Downtown Office Incentive Program agreement with Residential Finance Corporation; and
WHEREAS, Residential Finance Corporation has met all requirements to satisfy the agreement; and
WHEREAS, The City will pay Residential Finance Corporation a Downtown Office Incentive payment in the amount of $20,994.22; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to make payment to Residential Finance Corporation in accordance with the Downtown Office Incentive Program agreement, all for the preservation of public health, peace, property and safety, NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the City Auditor is hereby authorized and directed to make payment to Residential Finance Corporation in the amount of $20,994.22 in accordance with the Downtown Office Incentive Program agreement.
Section 2. That the expenditure of $20,994.22, or so much as may be necessary, be and is hereby authorized from the Development Department, Department 44-01, General Fund, Fund 010, OCA 440313, Object Level Three 5513.
Section 3. That for reasons stated in the preamble hereto, which is hereby made a part hereof the 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 the passage if the Mayor neither approves nor vetoes the same.