City of Columbus - File #: 0770-2009

• File #: 0770-2009
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 5/21/2009
• In control: Development Committee
• On agenda: 6/1/2009
• Final action: 6/3/2009
• Title: To authorize the appropriation of $5,154,976.26 from the Special Income Tax Fund to the City Auditor; to authorize the City Auditor to transfer said funds from the Special Income Tax Fund to the Northland and Other Acquisitions Fund; to authorize the appropriation of said funds in the Northland and Other Acquisitions Fund; to authorize the Director of the Department of Development to expend up to $5,154,976.26 from the Northland and Other Acquisitions Fund for 2009 lease rental payments to The RiverSouth Authority; and to amend the 2008 Capital Improvement Budget. ($5,154,976.26) Section 55(B) of the City charter.

Date	Ver.	Action By	Action	Result
6/3/2009	1	MAYOR	Signed
6/3/2009	1	CITY CLERK	Attest
6/1/2009	1	Columbus City Council	Waive the 2nd Reading	Pass
6/1/2009	1	Columbus City Council	Approved	Pass
6/1/2009	1	COUNCIL PRESIDENT	Signed
5/21/2009	1	Dev Drafter	Sent for Approval
5/21/2009	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
5/21/2009	1	Dev Drafter	Sent for Approval
5/21/2009	1	Finance Reviewer	Reviewed and Approved
5/21/2009	1	Finance Reviewer	Reviewed and Approved
5/21/2009	1	FINANCE DIRECTOR	Reviewed and Approved
5/21/2009	1	Dev Drafter	Sent for Approval
5/21/2009	1	CITY AUDITOR	Reviewed and Approved
5/21/2009	1	CITY AUDITOR	Reviewed and Approved
5/21/2009	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
5/21/2009	1	CITY ATTORNEY	Reviewed and Approved
5/21/2009	1	CITY ATTORNEY	Reviewed and Approved
5/21/2009	1	Dev Drafter	Sent to Clerk's Office for Council

Explanation

Background: The RiverSouth Authority issued bonds in 2004 and 2005 to purchase and rehabilitate the former downtown Lazarus Department Store. The City entered into a Master Lease Agreement and a First Supplemental Lease Agreement with The RiverSouth Authority on June 21, 2004 (Ordinance No. 1009-2004). The City entered into a Second Supplemental Lease Agreement with RiverSouth on July 25, 2005 (Ordinance No. 1312-2005). These agreements call for the City to make lease payments to The RiverSouth Authority in annual amounts equal to the bond service charges.

Fiscal Impact: The 2008 Capital Improvement Budget is hereby amended to allow for this expenditure.


Title

To authorize the appropriation of $5,154,976.26 from the Special Income Tax Fund to the City Auditor; to authorize the City Auditor to transfer said funds from the Special Income Tax Fund to the Northland and Other Acquisitions Fund; to authorize the appropriation of said funds in the Northland and Other Acquisitions Fund; to authorize the Director of the Department of Development to expend up to $5,154,976.26 from the Northland and Other Acquisitions Fund for 2009 lease rental payments to The RiverSouth Authority; and to amend the 2008 Capital Improvement Budget. ($5,154,976.26) Section 55(B) of the City charter.


Body

WHEREAS, pursuant to Ordinance No. 1009-2004 adopted by City Council on June 21, 2004 the City entered into a Master Lease Agreement and a First Supplemental Lease Agreement with The RiverSouth Authority (RiverSouth); and

WHEREAS, pursuant to Ordinance No. 1312-2005 adopted by this Council on July 25, 2005 the City entered into a Second Supplemental Lease Agreement with The RiverSouth Authority; and

WHEREAS, these Lease Agreements call for the lease rental payments from the City to RiverSouth equal to the bond service charges on the following bonds issued by RiverSouth:

· RiverSouth Areas Redevelopment 2004 Bonds Series A
· RiverSouth Ar...