Explanation
BACKGROUND: The following is an ordinance to authorize and direct the Director of Development to acquire fee simple title, contract for professional services, and to expend the monies for payment of acquisition costs in connection with the King Lincoln District Acquisition Project #441738.
FISCAL IMPACT: The $500,000 will come from the Special Income Tax Fund. This legislation authorizes the appropriation, transfer and the expenditure of funds. This transfer from the Special Income Tax Fund is only a temporary funding measure until bonds are sold in 2004 at which time the Special Income Tax Fund will be reimbursed for this transaction.
EMERGENCY JUSTIFICATION: Emergency action is requested in order to allow the purchase
of the real property without delay to meet the promissory
note deadline.
Title
To authorize the Director of the Department of Development to acquire fee simple title, contract for professional services, to authorize the appropriation and to authorize the City Auditor to transfer $500,000 from the Special Income Tax Fund to the Northland and Other Acquisition Fund for costs in connection with the King Lincoln District Acquisition Project; to authorize the expenditure of $500,000; and to declare an emergency ($500,000).
Body
WHEREAS, the City of Columbus, Department of Development desires to acquire real property and contract for professional services for the King Lincoln District Acquisition Project; and
WHEREAS, the real property being purchased is for redevelopment within the King Lincoln District Acquisition Project area; and
WHEREAS, it is necessary to appropriate and transfer $500,000.00 from the Special Income Tax Fund to the Northland and Other Acquisition Fund and to expend the same; and
WHEREAS, the City will sell notes or bonds to fund this project and will reimburse the Special Income Tax Fund, and this transfer should be considered as a temporary funding method; and
WHEREAS, the aggregate principal amount of obligations which the City will issue to finance this project is presently expected not to exceed $500,000.00; and
WHEREAS, emergency action is requested in order to allow the purchase of the
real property without delay to meet the promissory note deadline; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is necessary to acquire fee simple title in certain parcels of real estate and to contract for the aforesaid professional services necessary in connection with said 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 be and is hereby authorized and directed to acquire real property and contract for professional services for the King Lincoln District Acquisition Project.
Section 2. That the sum of $500,000.00 is hereby appropriated from the 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, 2004, to the City Auditor, Dept./Div. No. 22-01, Object Level One 10, OCA 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. 441738, at such time as is deemed necessary by the City Auditor, and to expend $500,000.00 or so much thereof as may be necessary.
Section 4. That the amount of $500,000.00 is hereby appropriated to the Northland and Other Acquisition Fund, Fund 735, Capital Projects, Department 44-01, Project 441738, King Lincoln District Acquisition, Object Level Three 6601, OCA Code 441738.
Section 5. That the expenditure of $500,000.00,or so much thereof as may be necessary, be and is hereby authorized from the Northland and Other Acquisition Fund, Fund 735, Capital Projects, Department 44-01, Project 441738, King Lincoln District Acquisition, Object Level Three 6601, OCA Code 441738.
Section 6. That the City Auditor is hereby authorized to transfer the unencumbered 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 ad the monies are no longer required for said project; except that no transfer shall be so made from a project account funded by monies from more than one source.
Section 7. That upon obtaining other funds for this project, the City Auditor is hereby authorized to repay the Special Income Tax Fund the amount transferred under Section 3 above, and said funds are hereby deemed appropriated for such purpose.
Section 8. That the City Auditor is authorized to make any accounting changes to revise the funding source for any contract or contract modification associated with the expenditure of the funds transferred in Section 3 above.
Section 9. 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 10. 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 passage if the Mayor neither approves nor vetoes the same.