Explanation
BACKGROUND:
This Ordinance is one of a series of Ordinances specifically, Ordinances No. 0628-2007, passed by Council on May 9, 2007, No. 1167-2007, passed July 25, 2007, and No. 1277-2007, passed 8-02-2007 which are necessary for the construction of 2 parking garages located in downtown Columbus. The two garages in question will be located in the area of Rich and Front Streets and 4th and Elm Streets.
This ordinance will provide for maximum interim financing for construction, land acquisition costs and debt issuance expenses where necessary.
FISCAL IMPACT:
This Ordinance provides interim financing until such time as the City issues notes and/or bonds to provide for the costs enumerated above.
Title
To authorize the appropriation of an amount not to exceed $29,500,000 in the Special Income Tax Fund No. 430, to authorize the transfer thereof to the Parking Garage Enterprise Fund No. 630 to provide interim financing of such garages and determining that such actions are necessary pursuant to Section 55(b) of The Charter of the City of Columbus.
Body
Whereas, the City has approved Ordinances No. 0628-2007 passed May 9, 2007, No. 1167-2007 passed July 25, 2007 and Ordinance No. 1277-2007 passed 08-02-2007 all leading up to the construction of 2 parking garages, and
Whereas, cost data has been provided to the City by the Capitol South Community Urban Redevelopment Corporation, the intended operator of such garages, and
Whereas, this legisation is another in a series of ordinances subsequent to Ordinance Nos. 0628-2007, 1167-2007 and 1277-2007 necessary to pay for the construction of two parking garages such that action hereunder is deemed to be necessary pursuant to Section 55(b) of the Columbus City Charter; NOW THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That from the unappropriated balance of the Special Income Tax Fund No. 430, and from all monies estimated to come into ...
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