Explanation
1. BACKGROUND:
The purpose of this legislation is to establish the "Parking Meter Program" Special Revenue Fund, in order to allow for the deposit of parking meter receipts pursuant to the implementation of a comprehensive "Parking Meter Program" for the City of Columbus.
Effective November 30, 2009, the Department of Public Service will be enacting market rate adjustments to the City's parking meter rates.
The deposits of available parking meter revenue into the newly created "Parking Meter Program" Special Revenue Fund will be subject to the following:
A. General Fund Allocation:
The Department of Public Service will be required to deposit all parking meter revenue into the General Fund, until the amount of revenue is equal to the total amount of revenue received for Fiscal Year 2009.
B. City Parking Meter Contribution Fund:
Companion Ordinance No. 1578-2009 establishes and maintains a reserve fund of up to $1.4 Million, known as the "City Parking Meter Contribution Fund," as a backup guarantee to the financing of a proposed full service hotel for the City's convention center. This is in accordance with the provisions of the Cooperative Agreement, also authorized by Ordinance No. 1578-2009, with the Franklin County Convention Facilities Authority (FCCFA) and the County of Franklin, Ohio. The incremental increase in revenue from the market rate adjustments to the "Parking Meter Program" is estimated by the Department of Public Service to be approximately $1.5 Million for Fiscal Year 2010. Beginning January of 2010, and subject to verification that the General Fund has received deposits equal to those received for Fiscal Year 2009, the next $1.4 Million of parking meter revenues will be deposited into the "City Parking Meter Contribution Fund".
C. Parking Meter Program Allocation:
The total Fiscal Year 2010 parking meter revenue is estimated by the Department of Public Service to be $4.795 Million (baseline revenue of $3....
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