Explanation
Background: Ordinance 1291-01 authorized an Economic Development Agreement with the Village of New Albany. This agreement provides for the sharing of income tax revenues generated from property annexed to the Village. These funds are deposited into the Neighborhood Economic Development Fund. This legislation authorizes the appropriation of $137,000 from the unappropriated balance of the Neighborhood Economic Development Fund to the Department of Development to provide funds for personnel costs in the Economic Development Division.
Fiscal Impact: This legislation appropriates $137,000 from the unallocated balance of the Neighborhood Economic Development Fund for the purpose of fostering investment and development in the City. The unencumbered cash balance of this fund is approximately $138,000. It is anticipated that revenues for 2010 will be approximately $151,000.
Emergency action is requested so that personnel expenditures related to fostering investment and development in the city can be charged accordingly.
Title
To authorize the appropriation of $137,000 from the unappropriated balance of the Neighborhood Economic Development Fund to the Department of Development to provide funds for personnel costs in the Economic Development Division; and to declare an emergency. ($137,000.00)
Body
Whereas, Ordinance 1291-01 authorized an Economic Development Agreement with the Village of New Albany; and
Whereas, this agreement provides for the sharing of income tax revenues generated from property annexed to the Village; and
Whereas, these funds are deposited into the Neighborhood Economic Development Fund; and
Whereas, this legislation appropriates $137,000 from the unallocated balance of the Neighborhood Economic Development Fund for the purpose of providing funds for personnel costs in the Economic Development Division, thereby fostering investment and development in the City; and
Whereas, emergency action is requ...
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