Explanation
BACKGROUND: The Columbus Urban Growth Corporation (CUGC) was organized to increase the commercial and industrial development activities and investment in the core central city. As part of their strategic plan, CUGC assembled properties for future redevelopment activities. CUGC ceased operations in late 2008 and all remaining CUGC properties were deeded to the City of Columbus. The City now is responsible for carrying costs (taxes, condo fees, SID fees and maintenance fees) associated with these properties.
This legislation authorizes the cancellation of an encumbrance, the establishment of a subfund, the transfer of funds and the expenditure of funds for property carrying costs for formally owned Columbus Urban Growth Corporation property.
Emergency action is requested to allow the taxes due on these properties to be paid by the late June deadline.
FISCAL IMPACT: The balance on EA 007451 ($436,132.12) is the result of the City having remaining funds from a State of Ohio Loan Guarantee. The obligation to the State of Ohio has been paid in full. This legislation authorizes the City Auditor to cancel the encumbrance to provide funds to pay carrying costs associated with properties formerly owned and maintained by Columbus Urban Growth Corporation.
Title
To authorize the City Auditor to cancel an encumbrance; to establish a subfund within the Urban Site Acquisition Fund; to transfer $436,132.12 within the Urban Site Acquisition Fund; to expend $436,132.12 from the Urban Site Acquisition Fund to provide funds to pay carrying costs on properties formerly owned and maintained by Columbus Urban Growth Corporation; and to declare an emergency. ($436,132.12)
Body
WHEREAS, the Columbus Urban Growth Corporation was organized to increase the commercial and industrial development activities and investment in the core central city; and
WHEREAS, as part of their strategic plan Urban Growth assembled properties for future redevelopme...
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