City of Columbus - File #: 0002-2011

• File #: 0002-2011
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 1/3/2011
• In control: Finance & Economic Development Committee
• On agenda: 1/24/2011
• Final action: 1/24/2011
• Title: To authorize the appropriation of $85,000.00 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. ($85,000.00)

Date	Ver.	Action By	Action	Result
1/26/2011	1	CITY CLERK	Attest
1/25/2011	1	MAYOR	Signed
1/24/2011	1	Columbus City Council	Approved	Pass
1/24/2011	1	COUNCIL PRESIDENT	Signed
1/6/2011	1	Dev Drafter	Sent for Approval
1/6/2011	1	CITY AUDITOR	Reviewed and Approved
1/6/2011	1	CITY AUDITOR	Reviewed and Approved
1/6/2011	1	Dev Drafter	Sent for Approval
1/6/2011	1	CITY ATTORNEY	Reviewed and Approved
1/6/2011	1	Dev Drafter	Sent to Clerk's Office for Council
1/5/2011	1	Finance Reviewer	Reviewed and Approved
1/5/2011	1	FINANCE DIRECTOR	Reviewed and Approved
1/4/2011	1	Finance Reviewer	Reviewed and Approved
1/3/2011	1	Dev Drafter	Sent for Approval
1/3/2011	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
1/3/2011	1	Dev Drafter	Sent for Approval
1/3/2011	1	Finance Reviewer	Reviewed and Approved

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 $2,500.00 for business projects and an annual administrative fee in effect through the duration of the tax-abated terms. The City also charges a 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 $85,000.00 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 $212,000.00.

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 $85,000.00 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. ($85,000.00)


Body

Whereas, the passage of Senate Bill 19 in 1994 provided for new fees for tax incentive projects to compensate for increased monitoring expenses; and

Whereas, the City charges a one-time monitoring/processing fee of $2,500.00 for business projects and an annual administrative fee in effect through the duration of the tax-abated terms; and

Whereas, the City also charges a processing fee for residential projects and a $250 pre-application/commitment fee is also collected; and

Whereas, these funds are being appropriated to provide funding for staff costs; and

Whereas, this legislation appropriates $85,000.00 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...