Title
To authorize and direct the transfer of $1,500,000 from the Capital South Debt Service Fund to the Downtown Development Fund for the purpose of redevelopment in the River South area and to authorize the expenditure thereof; and to declare an emergency. ($1,500,000)
Explanation
This ordinance authorizes the transfer and expenditure of $1,500,000 to provide the initial capital funding for redevelopment of the River South area of downtown, all in furtherance of and pursuant to a prior agreement with the Columbus Downtown Development Corporation ("CDDC"). Under the terms of that agreement by and between the CDDC and the City, the CDDC is creating public/private partnerships such as the River South redevelopment to create more private investment in the downtown, securing and creating jobs and an improved tax base.
This ordinance will appropriate funds and authorize the City Auditor to transfer $1,500,000 from the Capital South Debt Service Fund No. 481 to the Downtown Development Fund No. 767, Project No. 767-001; to authorize the appropriation of those same funds in Fund No. 767, Project No. 767-001 and to authorize the expenditure thereof.
Fiscal Impact: This legislation will authorize appropriation, the transfer and expenditure of $1,500,000 to CDDC for initial capital investments in the River South redevelopment.
Body
Whereas, Resolution No. 122X-02, Section 1 thereof, passed June 17, 2002, states that "This Council with the full support of the Mayor of the City of Columbus, does hereby support the creation of the Columbus Downtown Development Corporation (CDDC), and supports the CDDC's mission to implement the downtown business plan", and
Whereas, Ordinance No. 957-02, passed June 17, 2002, authorized the initial contract with CDDC for $150,000 from the Department of Development, General Fund, and
Whereas, Ordinance No. 1570-03, passed July 8, 2003 amended the contract (Contract No. DL003826) by adding $50,000 via the Department of Development, General Fund, and
Whereas, Ordinance No. 1824-2003, passed by Columbus City Council on July 21, 2003, declared the River South Development Area to be a blighted area as defined in Revised Code Section 1728.01(E), and
Whereas, Ordinance No. 1852-2003, passed July 28, 2003, authorized the purchase and sale by the City of certain property located within the River South Revelopment Area, and
Whereas, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to appropriate, transfer and authorize the expenditure of funds 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 from the unappropriated monies in the Capital South Debt Service Fund No. 481 and from all monies estimated to come into said Fund from any and all sources and unappropriated for any other purpose during fiscal year ending December 31, 2003 the sum of $1,500,000 is appropriated to the City Auditor, Department No. 22-01, Object Level 1-10.
Section 2. The City Auditor is authorized to transfer said funds to the Downtown Development Fund No. 767 at such time as deemed necessary by the City Auditor and such monies are deemed appropriated within Fund 767, Department 22-01.
Section 3. The Director of the Department of Development is authorized to amend Contract No. DL003826 and to expend up to $1,500,000 from Fund No. 767 payable to the Columbus Downtown Development Corporation.
Section 4. That upon obtaining other funds for this project the City Auditor is hereby authorized to repay the Capital South Debt Service Fund No. 481 the amount transferred under Section 2, above; and said funds are deemed appropriated for such purpose.
Section 5. That the City intends that this ordinance constitutes 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 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 passage and approval by the Mayor or ten days after.