Title
To authorize the City Auditor to allocate the City’s share of the Casino Tax Revenues received from the State of Ohio for 2012, 2013 and each year thereafter; and to declare an emergency.
Explanation
The City received its first allocation of State Casino Tax Revenues on July 31, 2012 in the amount of $514,490.90. These monies came from the Gross Casino Revenue County Fund where monies are allocated and distributed quarterly to all 88 counties, based on county population. Payments are to be made to the City by the last day of the month following the calendar quarter’s end.
In addition, after the Columbus casino opens (anticipated to be October 8, 2012, the City will receive monies from the State’s Gross Casino Revenue Host City Fund. These monies will represent five percent of the gross casino tax revenue collected at the Columbus casino during the previous quarter. The first allocations of these monies are expected by January 31, 2013.
The purpose of this ordinance is to authorize the allocation of these Casino Tax Revenue receipts along with future receipts received from the State of Ohio.
2012 MONIES
Monies received in 2012 will be deposited in the Casino Fund (Fund 275) and the General Fund (Fund 010) in priority order as follows:
Priority 1. Fund 275 Subfund 001 - Casino-Debt Service: Deposit of $499,783.76. These monies are for 2012 debt service costs ($486,826.88) and bond issuance costs ($12,956.88) associated with the $15.0 million issued in July, 2011 for reimbursing CD Gaming Ventures, LLC for public roadway improvements in the casino area and environmental remediation of the casino site. The total annual debt service payments will vary by year with amounts ranging from $1,322,737.50 in 2013 to $789,150.00 in 2032.
Priority 2. Fund 275 Subfund 003 - Casino-Westside Community Fund: Maximum 2012 deposit of up to $1,000,000. If the 2012 allocation is not fully met, the remaining balance of that allocation will be added to the 2...
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