Explanation
BACKGROUND: This legislation authorizes the expenditure of up to $90,000 to foster the local supply of decent, safe, sanitary and affordable housing for low-income families. In addition, this legislation authorizes the City Auditor to transfer funds within the Housing Preservation Fund. The Housing Preservation Fund represents the City's commitment to the preservation of affordable housing units and the revitalization of Columbus neighborhoods. Funds will be used to purchase six vacant lots from Samaritan Project Community Development Corporation to place in the City's Land Bank for future housing development in the area.
FISCAL IMPACT: A total of up to $90,000 of Capital Improvement bonds will be expended. Cash of $40,000.02 is available from an amendment and transfer in the 2011 CIB. The remaining funds ($49,999.98) will be expended from the Housing Preservation Fund 746 of 2010 Capital Improvements Budget.
Title
To amend the 2011 CIB; to authorize the City Auditor to transfer funds within the Housing Preservation Fund; to authorize the Director of the Department of Development to purchase six vacant lots from Samaritan Project Community Development Corporation to place in the City's Land Bank for future housing development; and to authorize the expenditure of $90,000.00 from the Housing Preservation Fund. ($90,000.00)
Body
WHEREAS, it is necessary to expend funds from the Housing Preservation Fund to preserve the local supply of decent, safe, sanitary and affordable housing for low-income families of; and
WHEREAS, funds will be used to purchase six vacant lots from Samaritan Project Community Development Corporation to place in the City's Land Bank for future housing development in the area; and
WHEREAS, it is necessary for this Council to authorize the City Auditor to transfer funds within the Housing Preservation Fund; and
WHEREAS, it is necessary to authorize an amendment to the 2011 Capital Improvements Budget for purposes of providing sufficient funding and expenditure authority for the aforementioned project expenditure; and NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the 2011 Capital Improvements Budget is hereby amended as follows:
Fund / Project No. / Project Name / Current Authority / Revised Authority / Change
746 / 782001-100001 / Rebuilding Lives / $397,012 (Carryover) / $357,011.98 / -$40,000.02
746 / 782001-100000 / 44-10 Housing Preservation / $49,999.98 (Carryover) / $90,000 / +$40,000.02
Section 2. That the City Auditor is hereby authorized to transfer $40,000.02 within the Department of Development as follows:
Transfer From:
Fund / Dept-Div / Project # / OCA Code / Amount
746 / 44-10 / 782001-100001 / 746822 / $40,000.02
Transfer To:
Fund / Dept-Div / Project # / OCA Code / Amount
746 / 44-10 / 782001-100000 / 746821 / $40,000.02
Section 3. That the Director of the Department of Development is hereby authorized to purchase six vacant lots from Samaritan Project Community Development Corporation to place in the City's Land Bank for future housing development.
Section 4. That for the purpose as stated in Section 3, the expenditure of $90,000 or so much thereof as may be necessary, is hereby authorized from the Department of Development, Division 44-10, Fund 746, Project Number 782001-100000, OCA Code 746821, Object Level One 06, Object Level Three 6601.
Section 5. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.