City of Columbus - File #: 1141-2006

• File #: 1141-2006
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 6/14/2006
• In control: Jobs and Economic Development Committee
• On agenda: 7/10/2006
• Final action: 7/12/2006
• Title: To authorize the transfer of $11,776 between object levels in the General Fund, Economic Development Division; to authorize and direct payment to the Columbus City School District, Hilliard City School District, South-Western City School District and the Olentangy Local School District for income tax revenue sharing totaling $1,765,251; to authorize the expenditure of $1,765,251 from the General Fund; and to declare an emergency. ($1,765,251)

Date	Ver.	Action By	Action	Result
7/12/2006	1	CITY CLERK	Attest
7/11/2006	1	MAYOR	Signed
7/10/2006	1	Columbus City Council	Approved	Pass
7/10/2006	1	COUNCIL PRESIDENT	Signed
6/20/2006	1	Dev Drafter	Sent for Approval
6/20/2006	1	Dev Drafter	Sent for Approval
6/20/2006	1	Dev Drafter	Sent to Clerk's Office for Council
6/20/2006	1	CITY AUDITOR	Reviewed and Approved
6/20/2006	1	Auditor Reviewer	Reviewed and Approved
6/20/2006	1	CITY ATTORNEY	Reviewed and Approved
6/19/2006	1	FINANCE DIRECTOR	Reviewed and Approved
6/16/2006	1	Finance Reviewer	Reviewed and Approved
6/15/2006	1	Dev Drafter	Sent for Approval
6/15/2006	1	Dev Drafter	Sent for Approval
6/15/2006	1	DEVELOPMENT DIRECTOR	Reviewed and Approved

Explanation

BACKGROUND: By authority of ORC Section 5709.82, the City is required to pay affected school districts 50 percent (50%) of the municipal income tax revenue attributable to tax abated projects where the annual 'new employee' payroll for a project is one million dollars or more, in a given tax year, during the abatement. This municipal income tax revenue sharing with affected school districts applies to all property tax abatements approved by the legislative authority after July 1, 1994 and is based on the 'new employee' wages paid in a tax year, during the years of tax exemption, and also on the wages of the construction workers.

FISCAL IMPACT: For tax year 2005, the City of Columbus has a total of twenty-seven (27) projects requiring revenue sharing and the total amount of revenue to be shared is $1,765,251. One project is located in both the Hilliard and the South-Western City School District. The twenty-seven projects are located in four different school districts with the revenue share subtotals as follows: $1,004,298 to Columbus City School District for 22 projects; $76,090 to Hilliard City School District for 1 project plus part of a second project that is shared with the South-Western City School District; $45,867 to the South-Western City School District for 1 project plus part of a second project that is shared with the Hilliard City School District; and $638,996 to the Olentangy Local School District for 2 projects. This legislation will authorize a transfer of $11,776 between object levels in the General Fund, Economic Development Division.
Emergency action is requested in order to expedite payment to the four school districts to compensate them for property tax revenues forgone due to tax abatements.



Title

To authorize the transfer of $11,776 between object levels in the General Fund, Economic Development Division; to authorize and direct payment to the Columbus City School District, Hilliard City School District, ...