Explanation
BACKGROUND: To appropriate $161,512.81 in the Urban Development Action Grants Fund to the Department of Finance and Management, and to authorize the expenditure of $161,512.81 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 yearly 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 is a contractual requirement that constitutes an expenditure by the City and is not a loan.
FISCAL IMPACT: The yearly repayment of these two Urban Development Action Grant loans provides the funding for the CAPA maintenance expense.
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.
Title
To authorize an appropriation of $161,512.81 from the unappropriated balance of the Urban Development Action Grants Fund, to the Department of Finance and Management, and to authorize the expenditure of $161,512.81 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. ($161,512.81)
Body
WHEREAS, the City has received yearly loan repayments from the Columbus Association for the Performing Arts (CAPA); and
WHEREAS, it is necessary to appropriate and expend funds from the unappropriated balance of the Urban Development Action Grants Fund to CAPA, in accordance with existing contractual requirements; and
WHEREAS,...
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