Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into an agreement between the City of Columbus and the Franklin County Board of Commissioners to receive a $4,000,000 grant to assist with the renovation of the Lincoln Theater, an historic landmark in the City's King-Lincoln District.
Ordinance 2238-2006, passed December 11, 2006, authorized the Department of Development to enter into a Guaranteed Maximum Cost Reimbursement Agreement with the Lincoln Theater Association for $8,000,000. $4,000,000 of this was included in the 2006 Capital Improvements Budget, Lincoln Theatre project and the remaining $4,000,000 was provided from the Special Income Tax Fund. The funds from the Special Income Tax Fund were only a temporary funding measure until funds could be received from Franklin County at which time the Special Income Tax Fund will be reimbursed for this transaction. This ordinance authorizes the acceptance of those funds from Franklin County.
Emergency action is requested in order to accept the funds and reimburse the Special Income Tax Fund as soon as possible.
FISCAL IMPACT
This grant will provide $4,000,000 that will be used to reimburse the Special Income Tax Fund for the Lincoln Theater renovation project.
Title
To authorize and direct the Director of the Department of Development to accept a grant from the Franklin County Board of Commissioners for the renovation of the Lincoln Theater; to authorize and direct the Director of the Department of Development to enter into a Collaborative Agreement between Franklin County and the City of Columbus for purposes of accepting the grant; to authorize the transfer of $4,000,000 to the Special Income Tax Fund upon receiving the funds from Franklin County; and to declare an emergency. ($4,000,000)
Body
WHEREAS, this legislation authorizes the Director of the Department of Development to enter into an agreement between t...
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