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 (0120 and 0128) 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 at 0% interest for CAPA to repay the UDAG. Minimum payments are established at $50,000 annually on UDAG 0120, and $16,668 on UDAG 0128. The use of the loan repayments for maintenance activities constitutes an expenditure by the City and is not a loan. 2009 is the 26th year of this 30 year agreement, which was initially authorized by Ordinances 1230-82 and 1231-82 (passed June 21, 1982) for UDAG 0120; and Ordinances 1529-82 and 1530-82 for UDAG 0128 (passed July 26, 1982).
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
SECTION 1. That from the unappropriated mo...
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