Explanation
BACKGROUND: To appropriate $66,668.00 in the Urban Development Action Grants Fund, to the Department of Finance and Management, and to authorize the expenditure of $66,668.00 from the Urban Development Action Grants Fund for the immediate and long term maintenance of the Ohio Theatre.
The development agreements for the use of two UDAGs received by the City for renovation of the Ohio Theatre require that loan repayments from the Columbus Association for the Performing Arts (CAPA, tax id. #31-0749884) to the city be used for maintenance of the theatre.
The development agreements established a 30-year term for CAPA to repay the UDAG. The use of the loan repayments for maintenance activities constitutes an expenditure by the City and is not a loan.
FISCAL IMPACT: Funds are available for these transactions in the Urban Development Action Grants subfunds.
This legislation is presented as an emergency to effectively execute the requirements of the UDAG agreement. The terms of the UDAG contract stipulate that CAPA make payment to the City, which in turn must reimburse that amount to CAPA on a timely basis to fund the aforementioned maintenance expenses.
Title
To authorize an appropriation of $66,668.00 from the unappropriated balance of the Urban Development Action grants Fund, to the Department of Finance and Management, and to authorize the expenditure of $66,668.00 from the Urban Development Action Grants Fund, to provide for the immediate and long term maintenance of the Ohio Theatre, and to declare an emergency. ($66,668.00)
Body
WHEREAS, an emergency exists in the usual daily operation of the City in that it is immediately necessary to appropriate and expend the aforementioned 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 fund known as the Urban Development Action Grants Fund, Fund No. 243, and from all monies estimated to come into said fund from any and all sources and unappropriated for any other purpose during the fiscal year ending December 31, 2008 there be and hereby is appropriated the following sum for use during the 12 months ending December 31, 2008, to provide for long term maintenance of the Ohio Theatre:
Division No. 45-01 - Department of Finance and Management
Subfund OCA Object Level One Object Level Three Amount
243009 450171 03 3337 $50,000.00
243010 450189 03 3337 $16,668.00
TOTAL APPROPRIATION $66,668.00
SECTION 2. That the expenditure of $66,668.00, or so much thereof as may be necessary, be and hereby authorized from the Department of Finance and Management, Department No. 45-01, Urban Development Action Grants Fund, Fund No. 243, as follows:
Subfund OCA Object Level One Object Level Three Amount
243009 450171 03 3337 $50,000.00
243010 450189 03 3337 $16,668.00
TOTAL EXPENDITURE $66,668.00
SECTION 3. That the monies appropriated in the foregoing Section 1 shall be paid upon order of the Department of Finance and Management; and that no order shall be drawn or money paid except by voucher, the form of which shall be approved by the City Auditor.
SECTION 4. That for 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.