Explanation
Background: As part of the Consent Order and Settlement Agreement between the City of Columbus and Penn National Gaming, Inc., the parties agreed to create the Westside Community Fund by March 31, 2012. Each party agreed to contribute $2.5 million to the Westside Community Fund, with the first payment of $1 million to be made in 2012. Additional contributions of $750,000 will be made by each party in 2013. The parties further agreed to each contribute $500,000 in 2014 and $250,000 in 2015.
The Westside Community Fund will be used for a variety of projects related to the neighborhood(s) immediately surrounding the Casino development and/or the citizens thereof, including but not limited to job training, minority affairs, economic development and/or capital projects.
This ordinance authorizes the appropriation and transfer of $1million from the Special Income Tax Fund to the Westside Community Fund.
Fiscal Impact: Monies have been accounted for in the Special Income Tax Fund.
Title
To authorize the appropriation of $1,000,000 from the Special Income Tax Fund to the City Auditor; to authorize the City Auditor to transfer said funds from the Special Income Tax Fund to the Westside Community Fund; to appropriate said funds within the Westside Community Fund; and to declare an emergency. ($1,000,000)
Body
WHEREAS, on June 6, 2011, Columbus City Council passed Ordinance 0889-2011, which authorized the execution of the Consent Order and Settlement Agreement in the case of CD Gaming v. City of Columbus, et al; and
WHEREAS, as a part of that settlement, the City of Columbus and Penn National Gaming, Inc. agreed to create the Westside Community Fund by March 31, 2012; and
WHEREAS, each party agreed to contribute $2.5 million to the Westside Community Fund, with the first payment of $1 million to be made in 2012; and
WHEREAS, the Westside Community Fund will be used for a variety of projects related to the neighborhood(s) immediately surrounding t...
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