Explanation
BACKGROUND: This ordinance authorizes the appropriation of $136,000.00 within the Special Income Tax Fund and the expenditure of $136,000.00 or so much thereof that may be necessary by the Finance and Management Department, Real Estate Management Office, for payment of rent for two existing lease agreements for office space. The leased office spaces are located at 50 W. Town Street, used by the Department of Development, Economic Development Division, and at 1186 W. Broad Street, used by the Department of Development, Franklinton Neighborhood Pride Center.
The two leases contain automatic renewal provisions that are subject to the appropriation of rental funds by City Council and certification of funds availability by the City Auditor. The 50 W. Town Street lease funding is for the ninth of twenty (20) one-year lease terms with Columbus Downtown Development Corporation authorized by City Council Ordinance 1121-2007, for the term May 1, 2016 to April 30, 2017 ($124,000.00). The 1186 W. Broad Street lease funding is for the second of three one-year renewal terms with Gregory S. Zanetos, Anthony T. Zanetos, Joseph C. Zanetos and Timothy J. Zanetos, Co-Successor Trustees of the Tom Zanetos 12/22/2004 Amended And Restated Trust authorized by City Council Ordinance 0551-2015, for the term April 1, 2015 to March 31, 2016 ($12,000.00 ).
Fiscal Impact: This ordinance appropriates and expends $136,000.00 from the Special Income Tax Fund for the payment of rent for the 2016 - 2017 term of the leases.
Emergency Action: Emergency action is requested to provide funding to allow for timely payment of rent coinciding with the renewal date for this lease as previously authorized by Council.
Title
To appropriate $136,000.00 within the Special Income Tax Fund for the Finance and Management Department, Real Estate Management Office; to authorize the Finance and Management Director to expend $136,000.00, or so much thereof that may be ...
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