Explanation
This ordinance authorizes the issuance of limited tax bond anticipation notes in an amount not to exceed $33,500,000 for the purpose of financing the costs of constructing the Starling Street Parking Garage ($33,500,000). The issuance of the notes is expected to occur later this year after the design of the garage is completed.
Fiscal Impact: The city's commitment for the construction of the parking garage is $32,500,000. This ordinance includes additional monies to provide for the cost of advertising, printing and legal services and other costs incidental thereto, currently estimated not to exceed $1,000,000. It is the intent that the debt service associated with the issuance of the notes will come from revenues generated from the operation of the city's existing parking garages and future revenues generated from the Starling Street Parking Garage.
Title
To authorize the issuance of limited tax bond anticipation notes in an amount not to exceed $33,500,000.00 for the purpose of financing the costs of constructing the Starling Street Parking Garage ($33,500,000.00).
Section 44-1(b) of the City Charter.
Body
WHEREAS, City Council (the “Council”) of the City of Columbus, Ohio (the “City”) has previously authorized an agreement with Capital South Community Urban Redevelopment Corporation for planning, design and construction of a parking facility containing approximately 1,400 parking spaces and known as the Starling Street Garage Project (the “Project”); and
WHEREAS, it is now deemed necessary to issue and sell up to $33,500,000 of notes in anticipation of the issuance of bonds under authority of the general laws of the State of Ohio, and in particular Section 133.23 of the Ohio Revised Code; and
WHEREAS, the City Auditor has certified to this Council that the estimated life of the improvement stated above which is to be financed from the proceeds of bonds and notes hereinafter referred to exceeds five (5) years, the maximum maturity of ...
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