Explanation
Background: This legislation authorizes the expenditure of $3,500,000 to pay the Board of Commissioners for Franklin County the first installment of the purchase price for the purchase of 410 South High Street, Columbus Ohio (Franklin County Parcel Numbers 010-066874 and 010-066679). The purchase of this property was authorized previously by Council Ordinance 1541-2021 for the future construction of a new Municipal Court facility to house operations of the Court and other offices associated with the Court. The purchase contract was recently amended to extend the date for payment of the first installment of the purchase price not later than May 1, 2022.
Fiscal Impact: This ordinance authorizes an expenditure of $3,500,000.00 and a certification of funds in the amount of $3,500,000.00 against the Special Income Tax Fund until bonds are sold.
Emergency action is requested to allow for the immediate processing of the payment to meet the requirements of the amended purchase contract.
Title
To authorize the City Auditor to appropriate and transfer funds from the Special Income Tax Fund to the Construction Management Taxable Bonds fund; to authorize the expenditure of $3,500,000.00, from the Construction Management Taxable Bonds fund; and to declare an emergency. ($3,500,000.00)
Body
WHEREAS, the Director of the Department of Finance and Management entered into a real estate purchase contract with Franklin County Board of Commissioners to purchase property as authorized by Ordinance 1541-2021; and
WHEREAS, the Director of the Department of Finance and Management, per the terms of the contract is required to pay the first installment of the purchase price to the Franklin County Board of Commissioners not later than May 1, 2022; and
WHEREAS, a transfer of $3,500,000.00 from the Special Income Tax Fund to Construction Management Taxable Bonds fund is necessary to fund this project; and
WHEREAS, the City will sell notes or bonds to fund this proj...
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