Explanation
BACKGROUND:
This ordinance authorizes the issuance of limited tax bond anticipation notes in an amount not to exceed $6,260,000 to refund outstanding bond anticipation notes issued for the purpose of financing the costs of constructing the Starling Street Parking Garage. The original note was issued in 2020 in the amount of $32,500,000.00. Proceeds from the 2026 note sale will be used to provide for the payment of a portion of the 2025 notes that will mature on November 10, 2026.
FISCAL IMPACT: A note in an amount not to exceed $6,260,000.00 will be issued. This ordinance also includes additional monies to provide for the cost of advertising, printing and legal services and other costs incidental thereto, currently estimated not to exceed $25,000.00. Additional funds to pay down a portion of the existing note will be used from the Downtown TIF fund 4453, and the Mobility Enterprise Fund. 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.
EMERGENCY DESIGNATION: This legislation is considered an emergency in order to provide for the timely issuance of debt and allow financing for the issuance of the new note.
Title
To authorize the issuance of limited tax bond anticipation notes in an amount not to exceed $6,260,000.00 for the purpose of financing the costs of constructing the Starling Street Parking Garage; to authorize the appropriation and transfer of a sum, presently estimated at $1,888,325.84, from either of or a combination of Mobility Debt Retirement Fund, and the Columbus Downtown TIF Fund, or any subfunds of the foregoing, as determined by the City Auditor, to pay off a portion of the Outstanding Notes; to authorize an the expenditure of $9,385,956.00 from the Mobility Enterprise Fund, Mobility Debt Retirement Fund, or any sub...
Click here for full text