City of Columbus - File #: 1912-2006

• File #: 1912-2006
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 10/20/2006
• In control: Administration Committee
• On agenda: 11/6/2006
• Final action: 11/9/2006
• Title: To authorize the City Auditor to establish the "1111 East Broad Street Operations Fund," Fund 294, Subfund 001; to make temporary transfers and repayments, if necessary, from and to the Economic Stabilization Fund, Fund 11 and the 1111 East Broad Street Operations Fund, Fund 294, Subfund 001, in order to ensure the prompt payment of operating expenses within the facility; to direct the deposit of rent payments from non-city tenants in the building at 1111 East Broad Street into the 1111 East Broad Street Operations Fund, Fund 294, Subfund 001; and to declare an emergency.

Date	Ver.	Action By	Action	Result
11/9/2006	1	CITY CLERK	Attest
11/8/2006	1	MAYOR	Signed
11/6/2006	1	Columbus City Council	Approved	Pass
11/6/2006	1	COUNCIL PRESIDENT	Signed
10/24/2006	1	CITY ATTORNEY	Reviewed and Approved
10/24/2006	1	Finance Drafter	Sent to Clerk's Office for Council
10/23/2006	1	Finance Reviewer	Reviewed and Approved
10/23/2006	1	FINANCE DIRECTOR	Reviewed and Approved
10/23/2006	1	Finance Drafter	Sent for Approval
10/23/2006	1	Auditor Reviewer	Reviewed and Approved
10/23/2006	1	CITY AUDITOR	Reviewed and Approved
10/23/2006	1	Finance Drafter	Sent for Approval
10/20/2006	1	Finance Drafter	Sent for Approval

Explanation

Background: The City of Columbus has contracted to purchase property at 1111 East Broad Street. The building will be used for the offices of various City Departments, including Recreation and Parks and Technology. The building will also house non-city tenants. Lease payments from these non-city tenants will be used to offset the costs of maintaining the facility. Lease payments for 2007 are currently projected at $924,420 from the major tenant with additional amounts from two holdover tenants for portions of the year. It will be necessary to transfer funds from the Facilities Management Division to augment the rental income thereby assuring that all costs associated with the operation of the building are covered. Total expenses in 2007 are projected to be over $1.2 million. The purpose of this ordinance is to establish a special revenue fund entitled the "1111 East Broad Street Operations Fund" for the Facilities Management Division to deposit rental payments from the non-City occupants of the building. Any Facilities Management funds necessary for the operation of the facility will also be transferred into this fund. The ordinance further allows for temporary transfers and repayments, if necessary, from the Economic Stabilization Fund to cover costs associated with maintenance expenses until rental revenues are sufficient to cover these costs. It is the intent that all transfers from the Economic Stabilization Fund into the Operations Fund be repaid.

Fiscal Impact: The total projected 2007 income from rent is $924,420.00 plus unknown additional rent. The total projected expenses are over $1.2 million. The difference will be budgeted in the 2007 Facilities Management general fund budget for transfer into the 1111 East Broad Street Operations Fund.

Emergency action is requested so that lease payments may be deposited into the operations fund as soon as they are received, thereby minimizing the transfers from the Economic Stab...