Explanation
Background:
In 2004 Council adopted Ordinance 0180-2004. This ordinance authorized the isssuance of bonds to be financed by tax increment financing district revenues. The ordinance also authorized up to $5 million to be used for remote public improvements. Exhibit B-1 of the Ordinance specifically identifies the "(i) construction of one or more parking structures and related improvements, together with all appurtenances thereto. . ."as eligible public improvements and remote public improvements. This Ordinance continues the implementation of the parking structure effort.
Fiscal Impact:
All monies recited in this Ordinance presently exist as a result of the tax increment financing district revenues. There is no impact on the City's general fund or capital improvements fund.
Title
To authorize the City Auditor to create Enterprise Fund No. 630 titled Parking Garages and to authorize the transfer of monies previously authorized in Ordinance No. 0180-2004. No expenditures are authorized by this Ordinance.
Body
Whereas, Ordinance No. 0180-04 authorized the issuance of a maximum of $70,000,000.00 of bonds, and
Whereas, on November 23, 2004 bonds were issued in the amount of $36,430,000.00 pursuant to Ordinance No. 0180-2004, and
Whereas, Ordinance No. 0709-03 amended Ordinance No. 1704-96 which created the original Easton Tax Increment Financing District (the TIF area) by enlarging the TIF area thereby increasing potential revenues from the TIF area, and
Whereas, Ordinance No. 0709-03 calls for providing financing an amount of up to $5,000,000.00 to be provided for Remote Public Improvements in support of urban redevelopment, and
Whereas, amounts for urban redevelopment paid to Columbus Downtown Development Corporation (CDDC) through June 30, 2007 as part of the $5,000,000.00 authorization have been as follows:
City Voucher No. City Warrant No. Amount
VP365925 403773 $1,143,786.72
VP422780 432336 240,649.03
VP446783 460484 115,564.25
VP559125 546233 350,000.00
VP644021 765897 249,018.65
$2,099,018.65
and
Whereas, approximately $221,033.77 of the amount paid to CDDC via VP559125; warrant no. 546233 will be repaid to the City by CDDC, and
Whereas, $356,476.97 remained on contract with CDDC in Fund No. 767, also known as the Remote Public Improvements Account, and
Whereas, this contract expired on June 30, 2007, and the balance has now been cancelled, and
Whereas, therefore, approximately $3,122,015.12 ($5,000,000.00 less $2,099,018.65 plus approximately $221,033.77) of the original authorization of $5,000,000.00 can be made available for the Remote Public Improvements authorized in Ordinance No. 0709-03, Exhibit B-1, and
Whereas, the remaining funds to be acquired are: $2,544,504.38 ($5,000,000.00 less $2,099,018.65 and less $356,476.97) and
Whereas, Ordinance No. 0709-03, Exhibit B-1 specifically identifies as Public Improvements and Remote Public Improvements: "(i) construction of one or more parking structures and related improvements, together with all appurtenances thereto. . . ." now, therefore;
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. The City Auditor is authorized to create City of Columbus Enterprise Fund No. 630, titled "Parking Garages."
Section 2. The City Auditor is authorized to transfer $2,544,504.38 from Fund 401 to Fund 767 (the Remote Public Improvements Account created pursuant to Ordinance No. 0180-2004) thereby completing the $5,000,000 authorized for Remote Public Improvements in Ordinance No. 0180-2004.
Section 3. The City Auditor is authorized to transfer all monies in Fund 767, presently estimated to be $3,122,015.12 to the new Enterprise Fund No. 630 titled Parking Garages.
Section 4. Monies accounted for in Fund No. 630 are to be used for the construction, debt service and management of City owned parking garages located in downtown Columbus, Ohio.
Section 5. Investment earnings attributable to Enterprise Fund No. 630 are to be deposited to Fund 630 and used for purposes described in Section 4 of this Ordinance.
Section 6. All funds necessary to carry out the purpose of this Ordinance are hereby deemed appropriated.
Section 7. That this Ordinance shall take effect and be in force from and after the earliest period allowed by law.