City of Columbus - File #: 0700-2007

• File #: 0700-2007
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 4/25/2007
• In control: Development Committee
• On agenda: 5/14/2007
• Final action: 5/15/2007
• Title: To authorize a transfer of funds between projects within the Northland and Other Acquisitions Fund; to authorize the expenditure of up to $250,000 from the Northland and Other Acquisitions Fund for the purchase of certain real property within the Greater Parsons Avenue Area Vision Plan; and to declare an emergency. ($250,000)

Date	Ver.	Action By	Action	Result
5/15/2007	2	MAYOR	Signed
5/15/2007	2	CITY CLERK	Attest
5/14/2007	1	Columbus City Council	Approved as Amended	Pass
5/14/2007	1	Columbus City Council	Amended as submitted to the Clerk	Pass
5/14/2007	2	COUNCIL PRESIDENT	Signed
5/1/2007	1	CITY ATTORNEY	Reviewed and Approved
5/1/2007	1	Dev Drafter	Sent to Clerk's Office for Council
4/30/2007	1	Auditor Reviewer	Reviewed and Approved
4/30/2007	1	CITY AUDITOR	Reviewed and Approved
4/30/2007	1	Dev Drafter	Sent for Approval
4/27/2007	1	Finance Reviewer	Reviewed and Approved
4/27/2007	1	FINANCE DIRECTOR	Reviewed and Approved
4/27/2007	1	Dev Drafter	Sent for Approval
4/26/2007	1	Dev Drafter	Sent for Approval
4/26/2007	1	Finance Reviewer	Reviewed and Approved
4/25/2007	1	Dev Drafter	Sent for Approval
4/25/2007	1	DEVELOPMENT DIRECTOR	Reviewed and Approved

Explanation

Background: The mayoral/City Council New Neighborhood Initiative culminated in a 6-month effort by Parsons Avenue area stakeholders to create the Greater Parsons Avenue Area Vision Plan. Ordinance No. 0717-2006, passed April 3, 2006 and Ordinance No.1410-2006, passed July 31, 2006 authorized the Director of Development to enter into contracts for purchase of certain real properties within the Greater Parsons Avenue Area Vision Plan and authorized the expenditure of $2,450,000 from the Northland and Other Acquisitions Fund. A purchase price of $850,000 was established in 2006 for the Parsons Avenue Schottenstein's store. An error in calculating the mortgage payoff on the seller's part necessitates an additional payment of $250,000 bringing the revised total purchase price to $1.1 million. The Vision Plan stakeholders are anxious for the City to close on the sale so it is immediately necessary to increase the existing Auditor's Certificate by $250,000.

Emergency action is requested in order to finalize the closing on this property, which is significant to the Vision Plan and the stakeholders.

Fiscal Impact: Funds are available in Fund 735 Northland and Other Acquisitions but it is necessary to transfer said funds between projects.



Title

To authorize a transfer of funds between projects within the Northland and Other Acquisitions Fund; to authorize the expenditure of up to $250,000 from the Northland and Other Acquisitions Fund for the purchase of certain real property within the Greater Parsons Avenue Area Vision Plan; and to declare an emergency. ($250,000)


Body

WHEREAS, in addressing the mayoral/City Council New Neighborhood Initiative, a Greater Parsons Avenue Area Vision Plan was created by area stakeholders; and

WHEREAS, gaining control of certain real properties is a key component to the success of the Vision Plan; and

WHEREAS, the aggregate principal amount of obligations which the City will issue to f...