Explanation
BACKGROUND:
Ordinance No. 1262-2007 authorized the Director of Development to enter into a Metro Park Development Agreement to provide for a Metro Park. This agreement requires that the City of Columbus pay Metro Parks $7.5 million entirely from TIF revenues. Semi annual payments will be made and will be limited to the monies in the Rocky Fork-Blacklick Tax Increment Financing Fund.
FISCAL IMPACT:
This legislation authorizes the appropriation and expenditure of $2,790,660.13 so that payment can be made to Metro Parks.
Emergency action is requested in order for the City to make the payment to Metro Parks according to the schedule established in the agreement.
Title
To authorize the appropriation of $2,790,660.13 from the Rocky Fork-Blacklick Tax Increment Financing Fund; to authorize and direct the payment of $2,790,660.13 to Metro Parks in accordance with the Metro Park Development Agreement; to authorize the expenditure of $2,790,660.13 from the Rocky Fork-Blacklick Tax Increment Financing Fund; and to declare an emergency. ($2,790,660.13)
Body
WHEREAS, Ordinance No. 1262-2007, authorized the Director of the Development Department to enter into a Metro Park Development Agreement; and
WHEREAS, the Agreement requires the City to make semi-annual payments to Metro Parks; and
WHEREAS, the amount due in June 2008 is $2,790,660.13; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, in that it is immediately necessary to make the payment to Metro Parks pursuant to the Metro Park Development Agreement in order to preserve the public peace, health, property, safety and welfare; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That from the unappropriated balance in the Rocky Fork-Blacklick Tax Increment Financing Fund, Fund 421, and from any and all sources unallocated for any other purpose during the fiscal year ending December 31, 2008, the sum of $2,790,660.13, be and hereby is appropriated to the Development Department, Department 44-01, OCA 421001, Object Level Three 5513.
Section 2. That the City Auditor is hereby authorized and directed to make payment to Metro Parks in the amount of $2,790,660.13.
Section 3. That the expenditure of $2,790,660.13, or so much as may be necessary, be and is hereby authorized from the Development Department, Department 44-01, Rocky Fork-Blacklick Tax Increment Financing Fund, Fund 421, OCA 421001, Object Level Three 5513.
Section 4. That for the reasons stated in the preamble hereto, this ordinance is hereby declared to be an emergency and shall take effect and be in force from and after its passage and approval by the Mayor or ten days if the Mayor neither approves nor vetoes the same.