Explanation
Background:
In 2004 Council adopted Ordinance 0180-2004. This ordinance authorized the isssuance of bonds to be financed by tax increment financing district revenues. The ordinance also authorized up to $5 million to be used for remote public improvements. Exhibit B-1 of the Ordinance specifically identifies the "(i) construction of one or more parking structures and related improvements, together with all appurtenances thereto. . ."as eligible public improvements and remote public improvements. This Ordinance continues the implementation of the parking structure effort.
Fiscal Impact:
All monies recited in this Ordinance presently exist as a result of the tax increment financing district revenues. There is no impact on the City's general fund or capital improvements fund.
Title
To authorize the City Auditor to create Enterprise Fund No. 630 titled Parking Garages and to authorize the transfer of monies previously authorized in Ordinance No. 0180-2004. No expenditures are authorized by this Ordinance.
Body
Whereas, Ordinance No. 0180-04 authorized the issuance of a maximum of $70,000,000.00 of bonds, and
Whereas, on November 23, 2004 bonds were issued in the amount of $36,430,000.00 pursuant to Ordinance No. 0180-2004, and
Whereas, Ordinance No. 0709-03 amended Ordinance No. 1704-96 which created the original Easton Tax Increment Financing District (the TIF area) by enlarging the TIF area thereby increasing potential revenues from the TIF area, and
Whereas, Ordinance No. 0709-03 calls for providing financing an amount of up to $5,000,000.00 to be provided for Remote Public Improvements in support of urban redevelopment, and
Whereas, amounts for urban redevelopment paid to Columbus Downtown Development Corporation (CDDC) through June 30, 2007 as part of the $5,000,000.00 authorization have been as follows:
City Voucher No. City Warrant No. Amount
VP365925 403773 $1,143,786.72
VP422780 432336 2...
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