Explanation
BACKGROUND:
This ordinance authorizes the Director of Development to enter into a grant agreement with the Lincoln Theatre Association in an amount up to $402,000.00 for the purpose of renovating the existing building space to improve the efficiency of the infrastructure and maintain daily operations of the theatre. The Lincoln Theatre provides a space and forum that is crucial to fostering the rich cultural and artistic nature of Columbus and in turn drives economic activity and growth in the King-Lincoln District and downtown Columbus. Payments will be advanced on a predetermined schedule provided in the terms of the agreement.
Emergency action is necessary to ensure the payment per the commitment is made, allowing for the intended renovations to be completed per the organization’s renovation schedule. Renovations will allow for expanded and continuous provision of services by the Lincoln Theatre Association to Columbus residents.
FISCAL IMPACT: Funding is available with the Development Taxable Bonds Fund, 7739.
CONTRACT COMPLIANCE: CC- CC019600 expires 4/16/2027
Title
To authorize the Director of Development to enter into a grant agreement with the Lincoln Theatre Association to renovate the existing space and location to support daily operations and programming; to authorize the expenditure of $402,000.00 from the Development Taxable Bond Fund; to authorize the advancement of funds on a predetermined schedule provided in the terms of the agreement; and to declare an emergency. ($402,000.00)
Body
WHEREAS, the Lincoln Theatre Association serves as the steward of the historic landmark theatre, as an incubator for talented, emerging artists in our community, as a presenter of the highest quality artists from around the world, and as a creative partner that is an economic catalyst for the revitalization of the King-Lincoln District and downtown Columbus; and
WHEREAS, this ordinance authorizes the Director of Development to enter i...
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