City of Columbus - File #: 0024-2006

• File #: 0024-2006
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 12/28/2005
• In control: Jobs and Economic Development Committee
• On agenda: 1/30/2006
• Final action: 2/1/2006
• Title: To authorize the appropriation of $208,000 $108,000 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; and to declare an emergency. ($208,000.00) ($108,000)

Date	Ver.	Action By	Action	Result
2/1/2006	2	MAYOR	Signed
2/1/2006	2	CITY CLERK	Attest
1/30/2006	1	Columbus City Council	Approved as Amended	Pass
1/30/2006	1	Columbus City Council	Taken from the Table	Pass
1/30/2006	2	Columbus City Council	Amended as submitted to the Clerk	Pass
1/30/2006	2	COUNCIL PRESIDENT	Signed
1/23/2006	1	Columbus City Council	Tabled to Certain Date	Pass
1/6/2006	1	Dev Drafter	Sent to Clerk's Office for Council
1/5/2006	1	Dev Drafter	Sent for Approval
1/5/2006	1	Auditor Reviewer	Contingent
1/5/2006	1	CITY AUDITOR	Contingent
1/5/2006	1	Dev Drafter	Sent for Approval
1/5/2006	1	CITY ATTORNEY	Reviewed and Approved
1/4/2006	1	Finance Reviewer	Reviewed and Approved
1/4/2006	1	FINANCE DIRECTOR	Reviewed and Approved
1/3/2006	1	Dev Drafter	Sent for Approval
1/3/2006	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
1/3/2006	1	Dev Drafter	Sent for Approval

Explanation

Background: Ordinance No. 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 $208,000 $108,000 from the unallocated balance of the Neighborhood Economic Development Fund for the purpose of fostering investment and development in the City. The cash balance of this fund is approximately $186,000. It is anticipated that an additional $151,000 will be received in 2006.

This ordinance is submitted as an emergency so as to allow the financial transaction to be posted in the City's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.



Title

To authorize the appropriation of $208,000 $108,000 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; and to declare an emergency. ($208,000.00) ($108,000)



Body

Whereas, Ordinance No. 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 $208,000 from the unallocated balance of the Neighborhood Economic Development Fund; and

Whereas, an emergency exists in the usual daily operation of the Department of Development, that it is immediately necessary to provide an appropriation for the immediate preservation of the public health, peace, property, safety, and welfare; now, therefore,


BE IT ORDAINED BY THE COUNCIL OF THE CI...