Explanation
Background: The City of Columbus is contemplating entering into mineral leases with outside companies for the use of city-owned property for mining purposes. This ordinance establishes a special revenue fund titled the "Mined Assets Fund" to allow the Real Estate Management Office to deposit any revenue collected from a non-City entity for activities related to feasibility determination, exploration, lease, or license of any city property for mining purposes. The ordinance further establishes that the purpose of any monies collected is for payment of costs of acquisition, maintenance, operation, or construction of city-owned property or activities required for the establishment of mineral lease or license agreements.
Fiscal Impact: Annual income associated with this project can not be fully determined at this time. Monies to be appropriated by this ordinance are to come from anticipated income and will be used for payment of activities required for the establishment of lease or license agreements for use of city property for mining purposes.
Emergency action is requested so that all payments may be deposited into the special revenue fund as soon as they are received.
Title
To authorize the City Auditor to establish a special revenue fund, titled the "Mined Assets Fund," for the deposit of payments from non-city tenants related to feasibility determination, exploration, lease, or license of any city property for mining purposes; to appropriate $20,000.00 within the Mined Assets Fund; and to declare an emergency. ($20,000.00)
Body
WHEREAS, the City of Columbus is contemplating the use of city-owned property for mining purposes and wishes to collect revenue from activities related to feasibility determination, exploration, lease, or license of any city property for mining purposes; and
WHEREAS, it is necessary to create a special revenue fund titled the "Mined Assets Fund," in order to deposit revenue from non-City entiti...
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