Explanation
The City of Columbus (the "City"), Franklin County Convention Facilities Authority (the "Authority"), and the County of Franklin, Ohio (the "County") were authorized to execute a Cooperative Agreement by ordinance 1578-2009. The ordinance was passed by City Council at the December 7, 2009 council meeting. This agreement facilitates the acquisition, construction, installation, and equipping of a full-service convention center hotel on High Street, in Columbus, Ohio across from the existing Columbus Convention Center.
The original proposed agreement stated that the City would raise City Parking Meter Charges in an amount reasonably expected to produce $1,500,000, annually. These monies are to be deposited in the City Parking Meter Contribution Fund. The fund is required to have a balance of $1,400,000 no later than January 1, 2012.
The City is able to increase parking meter "charges" in several ways, including: increases in parking meter rates, the hours of collection/enforcement, the number of parking meters, or a combination thereof. The purpose of this ordinance is to amend the proposed Cooperative Agreement to specify that by January 1, 2011, the City shall increase total parking meter charges in order to satisfy its obligation under the Cooperative Agreement.
This amendment to the cooperative agreement is deemed necessary to further clarify the City's financial commitment to the full-service convention hotel. While the exact method of increasing parking meter charges, (i.e., increases in parking meter rates, hours of collection/enforcement, the number of meters, or a combination thereof) is not presupposed, the City will increase total parking meter charges no later than January 1, 2011, to ensure the City will meet its financial commitment.
Emergency designation: This ordinance is being submitted for approval under Section 55(B) of the Columbus City Charter and as an emergency measure due to the fact the Authority is preparing ...
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