City of Columbus - File #: 1182-2009

• File #: 1182-2009
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 9/1/2009
• In control: Finance & Economic Development Committee
• On agenda: 9/14/2009
• Final action: 9/16/2009
• Title: To authorize and direct the City Auditor to appropriate $1,292,182.00 within the Special Income Tax Fund; and to declare and emergency. ($1,292,182.00)

Date	Ver.	Action By	Action	Result
9/16/2009	1	CITY CLERK	Attest
9/15/2009	1	MAYOR	Signed
9/14/2009	1	Columbus City Council	Approved	Pass
9/14/2009	1	COUNCIL PRESIDENT	Signed
9/10/2009	1	City Clerk's Office	Sent back for Clarification/Correction
9/10/2009	1	Finance Reviewer	Sent to Clerk's Office for Council
9/3/2009	1	Auditor Reviewer	Reviewed and Approved
9/3/2009	1	CITY AUDITOR	Reviewed and Approved
9/3/2009	1	Finance Drafter	Sent to Clerk's Office for Council
9/2/2009	1	Finance Drafter	Sent for Approval
9/1/2009	1	Finance Drafter	Sent for Approval
9/1/2009	1	Finance Reviewer	Reviewed and Approved
9/1/2009	1	FINANCE DIRECTOR	Reviewed and Approved

Explanation

Background: This ordinance establishes appropriations within the Special Income Tax Fund in the amount of $1,292,182.00 for debt service payments associated with various City debt issues. These principal and interest payments were previously paid from the Capitol South Fund (481) from rent payments received from the Capitol South Urban Community Development Corporation. Project payments from this fund included the following:

Improvements at the Central High School site (ordinance 2720-1996)
Riverfront land acquisition (ordinances 2549-1997, 3011-1998, and 2612-2009)
Floodwall enhancements and land acquisition (ordinance 3005-1998)

None of the proceeds of these bonds went to assist Capitol South. Instead, the City used revenues from Capitol South to pay debt service on these bonds. The last monies received by the City from Capitol South occurred in 2006. Over the years, from 1985 through 2006, the City received $55.2 million in cash from Capitol South and an additional $12 million for various projects in the downtown area, approved by City Council, but paid for by Capitol South.

The debt service referenced in this ordinance is primarily related to land acquisition and is not in any way related to the enhancement of Capitol South and/or the City Center. This City has not paid any money to Capitol South to assist in the demolition of City Center, nor does any authority exist to do so.


Emergency: This ordinance is submitted as an emergency measure to allow for the financial transaction to be posted in the city's accounting system as soon as possible.

Fiscal Impact: Funds for these appropriations will be accounted for in the Special Income Tax Fund (430).

Title

To authorize and direct the City Auditor to appropriate $1,292,182.00 within the Special Income Tax Fund; and to declare and emergency. ($1,292,182.00)

Body

WHEREA...