Explanation
BACKGROUND:
This ordinance authorizes the Director of the Department of Development to enter into a capital contribution agreement with the Maryhaven, Inc. a non-profit corporation, to provide funding for facility renovations which include but are not limited to the roof replacement and the repairs of subsequent structural damage from storms that occurred in 2023 in an amount up to $231,000.00. The organization's insurance company did not cover the full spectrum of costs and therefore they are seeking additional funding from the City of Columbus and the funding will be matched by Franklin County. This ordinance also authorizes to allow for payment of eligible expenditures prior to the purchase order beginning August 1, 2023 through December 31, 2025. It is also necessary to certify the required funds, in the amount up to $231,000.00 against the General Fund 1000, Income Tax Set Aside Subfund 100099 and authorize the appropriation and transfer of the funds from the Income Tax Set Aside Subfund to the Development Taxable Bond fund. The funds will be reimbursed upon receipt of the bond proceeds.
FISCAL IMPACT: Funding for this project will not be available to the Department of Development until the bonds are sold related to the 2024 Capital Improvement Budget and are available at a future date, therefore it is necessary to certify the required funds, in the amount up to $231,000.00, against the General Fund 1000, Income Tax Set Aside Subfund 100099. The fund will be reimbursed upon receipt of the bonds. There is sufficient budgetary authority for this project.
CONTRACT COMPLIANCE: CC- CC004267 expires 09/26/2026
Title
To authorize the appropriation of funds within the Income Set Aside Subfund and the Development Taxable Bonds Fund; to authorize the transfer of cash between the Income Tax Set Aside Subfund and the Development Taxable Bond Fund; to authorize the expenditure within the Development Taxable Bonds Fund in an amount up to $231,0...
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