Title
To authorize and direct the transfer of $1,500,000 from the Capital South Debt Service Fund to the Downtown Development Fund for the purpose of redevelopment in the River South area and to authorize the expenditure thereof; and to declare an emergency. ($1,500,000)
Explanation
This ordinance authorizes the transfer and expenditure of $1,500,000 to provide the initial capital funding for redevelopment of the River South area of downtown, all in furtherance of and pursuant to a prior agreement with the Columbus Downtown Development Corporation ("CDDC"). Under the terms of that agreement by and between the CDDC and the City, the CDDC is creating public/private partnerships such as the River South redevelopment to create more private investment in the downtown, securing and creating jobs and an improved tax base.
This ordinance will appropriate funds and authorize the City Auditor to transfer $1,500,000 from the Capital South Debt Service Fund No. 481 to the Downtown Development Fund No. 767, Project No. 767-001; to authorize the appropriation of those same funds in Fund No. 767, Project No. 767-001 and to authorize the expenditure thereof.
Fiscal Impact: This legislation will authorize appropriation, the transfer and expenditure of $1,500,000 to CDDC for initial capital investments in the River South redevelopment.
Body
Whereas, Resolution No. 122X-02, Section 1 thereof, passed June 17, 2002, states that "This Council with the full support of the Mayor of the City of Columbus, does hereby support the creation of the Columbus Downtown Development Corporation (CDDC), and supports the CDDC's mission to implement the downtown business plan", and
Whereas, Ordinance No. 957-02, passed June 17, 2002, authorized the initial contract with CDDC for $150,000 from the Department of Development, General Fund, and
Whereas, Ordinance No. 1570-03, passed July 8, 2003 amended the contract (Contract No. DL003826) by adding $50,000 via the Department of ...
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