Explanation
The City of Columbus, Ohio (the "City") has been engaged in cooperative efforts with the Franklin County Convention Facilities Authority (the "Authority"), and the County of Franklin, Ohio (the "County") to facilitate the acquisition, construction, installation and equipping of a full-service convention center hotel on High Street, in Columbus, Ohio across from the existing Columbus Convention Center. The establishment of a publicly-owned full-service convention center hotel will increase the number of convention-quality hotel rooms and convention space available in the City in order to attract more and larger conventions, resulting in substantial public and economic benefits to the City, the Authority and the County. This ordinance will authorize the Director of Finance and Management or the Mayor to execute the Cooperative Agreement on behalf of the City and to approve additions, changes or amendments to such document, which would not substantially amend or increase the duties of the City as set forth in the version of the Cooperative Agreement currently on file. This ordinance also amends Chapter 2155 and Chapter 371 of the Columbus City Codes, 1959, by the enactment of new Sections 2155.11 and 371.18 respectively as set forth herein.
This legislation is being submitted for approval under Section 55 (B) of the Columbus City Charter. Request is being made to waive second reading for passage due to the fact that the Authority is preparing to issue bonds to finance the convention center hotel described herein, which bonds are to be secured, in part, by the revenues provided for by this Ordinance.
Fiscal Impact: This legislation establishes the City Parking Meter Contribution Fund, and is further directed to deposit into such fund, City Incremental Parking Meter Revenues (as defined herein below) as required by the Cooperative Agreement to maintain a balance of at least $1,400,000 in such fund.
Title
To authorize the Director of...
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