Explanation
BACKGROUND:
This ordinance authorizes the Director of the Department of Development to enter into a capital contribution agreement with the Franklin County Convention Facilities to provide funding for facility renovations which will further support the operational needs of the Franklin County Convention Facilities. It is also necessary to certify the required funds, in the amount up to $2.5 million dollars 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.
EMERGENCY DESIGNATION: An emergency exists as this capital contribution will allow for renovations to the facility for the facility to continue to serve the Columbus area.
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 $2,500,000.00, 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- CC004912 expires 01/27/2025
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 $2,500,000.00 for a capital contribution agreement which will provide facility renovations which will further support the operational needs of the Franklin County Convention Facilities; to authorize the Director of the Department of Development to enter into a cap...
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