Explanation
Background: To authorize the Director of the Department of Development to enter into a not for profit service contract with Columbus-Franklin County Finance Authority (“CFCFA”) in the amount of $44,570.00 to reimburse the CFCFA for consulting services related to the financing of public infrastructure improvements benefiting proactive industrial development in and around the former Buckeye Yard intermodal railroad terminal parcels (collectively, the “Buckeye Yard Parcels”). Pursuant to Ordinance No. 3369-2023 passed December 11, 2023, the City, the CFCFA, and owner of the Buckeye Yard Parcels were authorized to enter into a tax increment financing and cooperative agreement (the “2023 Cooperative Agreement”) to finance the aforementioned public infrastructure improvements to attract a manufacturer to relocate to some of the Buckeye Yard Parcels. Due to unforeseen changes in the manufacturers’ industry, it is disinclined to continue pursuing the Buckeye Yard Parcels, and the owner of the Buckeye Yard Parcels has decided to delay proceeding with the redevelopment of the site. However, the CFCFA, on behalf of the City, has already incurred costs related to consulting services performed for the financing of the public infrastructure improvements proposed at the Buckeye Yard Parcels under the 2023 Cooperative Agreement, and the City desires to reimburse those costs occurring on or after the aforementioned ordinance date including those prior to creation of the purchase order.
Contract Compliance
The contract compliance number for Columbus-Franklin County Finance Authority is CC-009436 and expires January 12, 2026.
Fiscal Impact: This legislation authorizes the expenditure of forty four-thousand five-hundred seventy dollars ($44,570.00) from the 2024 General Fund.
Title
To authorize the Director of the Department of Development to enter into a not for profit services contract with the Columbus-Franklin County Finance Authority to reimburse it for providing consulting services for financing public infrastructure improvements benefiting proactive industrial development in and around the former Buckeye Yard intermodal railroad terminal parcels; to authorize the expenditure of $44,570.00 from the General Fund for expenditures prior to or after the purchase order. ($44,570.00)
Body
WHEREAS, Ordinance No. 3369-2023 passed December 11, 2023 authorized the City, the Columbus-Franklin County Finance Authority (the “CFCFA”), and owner of the former Buckeye Yard intermodal railroad terminal parcels (the “Buckeye Yard Parcels”) to enter into a tax increment financing and cooperative agreement (the “2023 Cooperative Agreement”) to finance public infrastructure improvements to attract a manufacturer to relocate to some of the Buckeye Yard Parcels; and
WHEREAS, due to unforeseen changes in the manufacturers’ industry, it is disinclined to continue pursuing the Buckeye Yard Parcels; and
WHEREAS, the owner of the Buckeye Yard Parcels has decided to delay proceeding with the redevelopment of the site until market conditions are more favorable; and
WHEREAS, the CFCFA, on behalf of the City, has already incurred costs related to the financing of public infrastructure improvements proposed at the Buckeye Yard Parcels under the 2023 Cooperative Agreement for which the City desires to reimburse those costs occurring on or after the aforementioned ordinance date; and
WHEREAS, this legislation authorizes the expenditure of forty four-thousand five-hundred seventy dollars ($44,570.00) for the purposes and expenditures described herein prior to and after the purchase order; and
WHEREAS, it is necessary to authorize the Director of the Department of Development to enter into a not for profit service contract with the CFCFA in an amount of up to $44,570.00 to reimburse the CFCFA for consulting services related to the financing of the public infrastructure improvements proposed at the Buckeye Yard Parcels under the 2023 Cooperative Agreement; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of the Department of Development is authorized to enter into a not for profit services contract with the CFCFA in the amount of $44,570.00 to reimburse the CFCFA for consulting services related to the financing of public infrastructure improvements at the Buckeye Yard Parcels under the 2023 Cooperative Agreement; that related costs incurred by CFCFA on or after December 11, 2023 and/or prior to the purchase order are a valid public purpose eligible for reimbursement thereunder.
SECTION 2. That the expenditure of $44,570.00, or so much thereof as may be needed, is hereby authorized in Fund 1000 (General Fund), Dept-Div 4402 (Economic Development), in Object Class 03 (Other), per the account codes in the attachment to this Ordinance.
SECTION 3. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, authorized for expenditure to carry out the purposes of this ordinance, and the City Auditor shall establish such accounting codes as necessary.
SECTION 4. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this ordinance.
SECTION 5. 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.
SECTION 6. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.