Explanation
BACKGROUND:
This ordinance authorizes the Director of Development to enter into a grant agreement with the Lincoln Theatre Association in an amount up to $402,000.00 for the purpose of renovating the existing building space to improve the efficiency of the infrastructure and maintain daily operations of the theatre. The Lincoln Theatre provides a space and forum that is crucial to fostering the rich cultural and artistic nature of Columbus and in turn drives economic activity and growth in the King-Lincoln District and downtown Columbus. Payments will be advanced on a predetermined schedule provided in the terms of the agreement.
Emergency action is necessary to ensure the payment per the commitment is made, allowing for the intended renovations to be completed per the organization’s renovation schedule. Renovations will allow for expanded and continuous provision of services by the Lincoln Theatre Association to Columbus residents.
FISCAL IMPACT: Funding is available with the Development Taxable Bonds Fund, 7739.
CONTRACT COMPLIANCE: CC- CC019600 expires 4/16/2027
Title
To authorize the Director of Development to enter into a grant agreement with the Lincoln Theatre Association to renovate the existing space and location to support daily operations and programming; to authorize the expenditure of $402,000.00 from the Development Taxable Bond Fund; to authorize the advancement of funds on a predetermined schedule provided in the terms of the agreement; and to declare an emergency. ($402,000.00)
Body
WHEREAS, the Lincoln Theatre Association serves as the steward of the historic landmark theatre, as an incubator for talented, emerging artists in our community, as a presenter of the highest quality artists from around the world, and as a creative partner that is an economic catalyst for the revitalization of the King-Lincoln District and downtown Columbus; and
WHEREAS, this ordinance authorizes the Director of Development to enter into a grant agreement in the amount of $402,000.00 with the Lincoln Theatre Association for the renovation and update of the existing building and infrastructure; and
WHEREAS, to authorize an expenditure within the Development Taxable Bond Fund in an amount up to $402,000.00; and
WHEREAS, it is necessary to also authorize advanced funds per a pre-determined schedule provided in the terms of the agreement; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to enter into an agreement with the Lincoln Theatre Association to ensure that payment per the commitment is made, allowing for the intended renovations to be completed per the organization’s renovation schedule, thereby preserving the public health, peace, property, safety and welfare; 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 to enter into a Grant Agreement in an amount up to $402,000.00, with the Lincoln Theatre Association for building renovations, and to advance funding per a predetermined schedule.
SECTION 2. That for the purpose as stated in Section 1, the expenditure of $402,000.00, or so much thereof as may be necessary, is hereby authorized in fund 7739 (Development Taxable Bonds), Project 441736-100002 (Lincoln Theatre Renovations), Dept. 44-01 (Administrative), in Object Class 06 (Capital Outlay) per the accounting 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, 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 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 approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.