Explanation
BACKGROUND: The Columbus Urban Growth Corporation (CUGC) was organized to increase the commercial and industrial development activities and investment in the core central city. As part of their strategic plan, CUGC assembled properties for future redevelopment activities. CUGC ceased operations in late 2008 and all remaining CUGC properties were deeded to the City of Columbus. The City now is responsible for carrying costs (taxes, condo fees, SID fees and maintenance fees) associated with these properties.
This legislation authorizes the cancellation of an encumbrance, the establishment of a subfund, the transfer of funds and the expenditure of funds for property carrying costs for formally owned Columbus Urban Growth Corporation property.
Emergency action is requested to allow the taxes due on these properties to be paid by the late June deadline.
FISCAL IMPACT: The balance on EA 007451 ($436,132.12) is the result of the City having remaining funds from a State of Ohio Loan Guarantee. The obligation to the State of Ohio has been paid in full. This legislation authorizes the City Auditor to cancel the encumbrance to provide funds to pay carrying costs associated with properties formerly owned and maintained by Columbus Urban Growth Corporation.
Title
To authorize the City Auditor to cancel an encumbrance; to establish a subfund within the Urban Site Acquisition Fund; to transfer $436,132.12 within the Urban Site Acquisition Fund; to expend $436,132.12 from the Urban Site Acquisition Fund to provide funds to pay carrying costs on properties formerly owned and maintained by Columbus Urban Growth Corporation; and to declare an emergency. ($436,132.12)
Body
WHEREAS, the Columbus Urban Growth Corporation was organized to increase the commercial and industrial development activities and investment in the core central city; and
WHEREAS, as part of their strategic plan Urban Growth assembled properties for future redevelopment activities; and
WHEREAS, Columbus Urban Growth ceased operations in late 2008 and all remaining CUGC properties were deeded to the City of Columbus; and
WHEREAS, the City now is responsible for carrying costs (taxes, condo fees, SID fees and maintenance fees) associated with these properties; and
WHEREAS, emergency action is necessary to allow the taxes due on these properties to be paid by the late June deadline; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to authorize the payment of carrying costs for formerly owned Columbus Urban Growth Corporation property all for the preservation of the public health, peace, property, safety and welfare; NOW THEREFORE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. The City Auditor is hereby authorized to cancel EA 007451 to make funds available to pay property carrying costs for former Columbus Urban Growth Corporation properties.
Section 2. The City Auditor is authorized to establish a subfund within the Urban Site Acquisition Fund, Fund 292, to account for carrying costs associated with properties formerly owned and maintained by Columbus Urban Growth Corporation.
Section 3. The City Auditor is hereby authorized to transfer $436,132.12 from the Urban Site Acquisition Fund, Fund 292, subfund 003, as follows:
From:
OCA Code / Object Level One / Object Level Three / Amount
447243 / 05 / 5528 / $436,132.12
To:
Object Level One / Object Level Three / Amount
03 / 3429 / $9,000
03 / 3340 / $382,000
03 / 3354 / $45,132.12
OCA Codes and subfund numbers will be issued by the City Auditor upon establishment of the subfund.
Section 4. To authorize the expenditure of $436,132.12 or so much as may be necessary from the Urban Site Acquisition Fund, Fund 292, Development Department, Economic Development Division, Department No. 44-02, for the property carrying costs for formerly owned Columbus Urban Growth Corporation property as follows:
Object Level One / Object Level Three / Amount
03 / 3429 / $9,000
03 / 3340 / $382,000
03 / 3354 / $45,132.12
OCA Codes and subfund numbers will be issued by the City Auditor upon establishment of the subfund.
Section 5. 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 passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.