Explanation
BACKGROUND: To appropriate $66,668.00 in the Urban Development Action Grants Fund, to the Department of Finance, and to authorize the expenditure of $66,668 from the Urban Development Action Grants Fund for the immediate and long term maintenance of the Ohio Theatre.
The development agreements for the use of two UDAGs received by the City for renovation of the Ohio Theatre require that loan repayments from the Columbus Association for the Performing Arts (CAPA, tax id. #31-0749884) to the city be used for maintenance of the theatre.
The development agreements established a 30-year term for CAPA to repay the UDAG. The use of the loan repayments for maintenance activities constitutes an expenditure by the City and is not a loan.
FISCAL IMPACT: Funds are available for these transactions in the Urban Development Action Grant subfunds.
This legislation is presented as an emergency to effectively execute the requirements of the UDAG agreement. The terms of the UDAG contract stipulate that CAPA make payment to the City, which in turn must reimburse that amount to CAPA on a timely basis to fund the aforementioned maintenance expenses.
To authorize an appropriation of $66,668.00 from the unappropriated balance of the Urban Development Action Grants Fund, to the Department of Finance, and to authorize the expenditure of $66,668.00 from the Urban Development Action Grants Fund, to provide for the immediate and long term maintenance of the Ohio Theatre, and to declare an emergency. ($66,668.00)
Title
To authorize an appropriation of $66,668.00 from the unappropriated balance of the Urban Development Action Grants Fund, to the Department of Finance, and to authorize the expenditure of $66,668.00 from the Urban Development Action Grants Fund, to provide for the immediate and long term maintenance of the Ohio Theatre, and to declare an emergency. ($66,668.00)
Body
WHEREAS, an emergency exists in the usual daily operation of...
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