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 $121,904 from the unallocated balance of the Neighborhood Economic Development Fund for the purpose of fostering investment and development in the City. The unencumbered cash balance of this fund is approximately $144,000. It is anticipated that an additional $151,000 will be received in 2008.
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 $121,904 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. ($121,904)
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 $121,904 from the unallocated balance of the Neighborhood Economic Development Fund for the purpose of fostering investment and development in the City; 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,
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