Explanation
BACKGROUND: The Columbus-Franklin County Finance Authority was created in March 2006 by Columbus City Council and the Franklin County Board of Commissioners. The Finance Authority provides long-term financing to businesses, non-profit organizations and local governments. It is also an eligible issuer of tax-exempt and tax debt. Working in conjunction with banks and other public partners, the Columbus-Franklin County Finance Authority serves as a valuable resource for project financing. Some of the services include: bond fund, developer financing, financing in partnership with a bank, lease financing, manufacturing financing, non-profit financing and TEFRA. To date, the Columbus-Franklin County Finance Authority has issued over $877 million in bond financing projects that will invest more than $1 billion. A total of 15 (fifteen) projects were closed in 2015. The City of Columbus entered into an agreement, at the inception, to provide support to the Columbus-Franklin County Finance Authority in years 2006 through 2011. The City provided $150,000 in funding to the program in 2012, 2013, 2014 and $100,000 in 2015. The City of Columbus desires to continue to provide support to the Columbus-Franklin County Finance Authority by providing funding of $100,000 in 2016 for administrative cost.
FISCAL IMPACT: $100,000 in the 2016 General Fund budget has been allocated for support to the Columbus-Franklin County Finance Authority.
Title
To authorize the Director of the Department of Development to enter into a contract with the Columbus-Franklin County Finance Authority to provide continued support of activities, projects and programs; to authorize the expenditure of $100,000.00 from the General Fund; and to declare an emergency. ($100,000.00)
Body
WHEREAS, in March, 2006 the City of Columbus and Franklin County entered into an agreement to jointly create a finance authority focused on serving the economic needs of the City of Columbus and Franklin ...
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