City of Columbus - File #: 0057-2004

• File #: 0057-2004
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 12/31/2003
• In control: Development Committee
• On agenda: 1/26/2004
• Final action: 1/28/2004
• Title: To authorize the appropriation of $159,000 from the unappropriated balance of the Housing/Business Tax Incentives Fund to the Department of Development to provide funds for the administration of tax incentive projects; and to declare an emergency. ($159,000.00)

Date	Ver.	Action By	Action	Result
1/28/2004	1	CITY CLERK	Attest
1/27/2004	1	MAYOR	Signed
1/26/2004	1	Columbus City Council	Approved	Pass
1/26/2004	1	COUNCIL PRESIDENT	Signed
1/14/2004	1	Dev Drafter	Sent for Approval
1/14/2004	1	Auditor Reviewer	Reviewed and Approved
1/14/2004	1	CITY AUDITOR	Reviewed and Approved
1/14/2004	1	Dev Drafter	Sent for Approval
1/14/2004	1	CITY ATTORNEY	Reviewed and Disapproved
1/14/2004	1	Dev Drafter	Sent for Approval
1/14/2004	1	CITY ATTORNEY	Reviewed and Approved
1/14/2004	1	Dev Drafter	Sent to Clerk's Office for Council
1/13/2004	1	Finance Reviewer	Reviewed and Approved
1/13/2004	1	FINANCE DIRECTOR	Reviewed and Approved
1/6/2004	1	Dev Drafter	Sent for Approval
1/6/2004	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
1/6/2004	1	Dev Drafter	Sent for Approval

Explanation

Background: The passage of Senate Bill 19 in 1994 provided for new fees for tax incentive projects to compensate for increased monitoring expenses. The City charges a one-time monitoring/processing fee of $2,500 for business projects and an annual administrative fee in effect through the duration of the tax-abated terms. The City also charges a $1,500 processing fee for residential projects. In addition, a $250 pre-application/commitment fee is also collected. These funds are being appropriated to provide funding for staff costs.

Fiscal Impact: This legislation appropriates $159,000 from the unallocated balance of the Housing/Business Tax Incentives Fund for the administration of this program. The cash balance of this fund is approximately $170,000. It is projected another $80,000 will be collected during the remainder of 2004.

Emergency action is requested so that expenditures related to the administration of the tax incentive projects can be charged accordingly.

Title

To authorize the appropriation of $159,000 from the unappropriated balance of the Housing/Business Tax Incentives Fund to the Department of Development to provide funds for the administration of tax incentive projects; and to declare an emergency. ($159,000.00)


Body

Whereas, this legislation appropriates $159,000 from the unallocated balance of the Housing/Business Tax Incentives Fund for the administration of this program; and

Whereas, emergency action is requested so that expenditures related to the administration of the tax incentive projects can be charged accordingly; and

Whereas, an emergency exists in the usual daily operation of the Department of Development, that it is immediately necessary to provide an appropriation for the immediate preservation of the public health, peace, property, safety, and welfare; now, therefore,

BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:

Section 1. That from the unallocated monies in the Ho...