Explanation
Background: Ordinance 1291-01 authorized an Economic Development Agreement with the Village of New Albany. This agreement provides for the sharing of income tax revenues generated from property annexed to the Village. These funds are deposited into the Neighborhood Economic Development Fund.
Fiscal Impact: This legislation appropriates $16,000 from the unallocated balance of the Neighborhood Economic Development Fund for the purpose of fostering investment and development in the City. These funds are needed for personnel costs associated with one Economic Development position. The unencumbered cash balance of this fund is approximately $225,000.
Title
To authorize the appropriation of $16,000 from the unappropriated balance of the Neighborhood Economic Development Fund to the Department of Development to provide funds for the purpose of fostering investment and development in the City. ($16,000.00)
Body
Whereas, Ordinance 1291-01 authorized an Economic Development Agreement with the Village of New Albany; and
Whereas, this agreement provides for the sharing of income tax revenues generated from property annexed to the Village; and
Whereas, these funds are deposited into the Neighborhood Economic Development Fund; and
Whereas, this legislation appropriates $16,000 from the unallocated balance of the Neighborhood Economic Development Fund for the purpose of fostering investment and development in the City; and now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That from the unallocated monies in the Neighborhood Economic Development Fund, Fund No. 237, and from any and all sources unallocated for any other purpose during the fiscal year ending December 31, 2008, the sum of $16,000 be and hereby is appropriated to the Department of Development, Economic Development Division, Division 44-02, Object Level One 01, Object Level Three 1101, OCA Code 495032.
Section 2. That the mo...
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