Explanation
BACKGROUND:
Ordinance 0540-2006 authorized the execution of a Port Authority Agreement between the City and Franklin County to create a new port authority focused on serving the economic development needs of the City and Franklin County and provided City Council's advice and consent to the Mayor's appointments to the port authority's board of directors as provided in the agreement.
This legislation authorizes the expenditure of funds for the support of the Columbus-Franklin County Port Authority in the amount of $137,218 under the terms of the Port Authority Agreement. The Port Authority Agreement also requires Franklin County to match City payments. The agreement also provides that the City will, subject to future appropriations, provide up to $150,000 of funding annually through 2010 to the port authority.
FISCAL IMPACT:
$137,218 in 2010 General Fund monies has been allocated for support of the Columbus-Franklin County Port Authority.
Title
To authorize the expenditure of $137,218 from the General Fund to support the Columbus-Franklin County Port Authority. ($137,218)
Body
WHEREAS, Ordinance 0540-2006 authorized the execution of a Port Authority Agreement between the City and Franklin County to create a new port authority focused on serving the economic development needs of the City and Franklin County; and
WHEREAS, the Port Authority Agreement requires the City and the County to each provide funding to the Columbus-Franklin County Port Authority in an amount up to $150,000 through 2010; and
WHEREAS, the agreement specifies that the funding level provided by the City shall be reduced by 50% of the on-going administrative fees generated by the Finance Authority closed projects in the previous calendar year; and
WHEREAS, the City's 2010 obligation, per the Port Authority agreement, is $137,218, which represents a $3,114 reduction from the 2009 funding level; and
WHEREAS, funds are available in the General...
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