Explanation
BACKGROUND: This ordinance authorizes the appropriation of $245,000.00 within the Special Income Tax Fund and the expenditure of $245,000.00 or so much thereof that may be necessary by the Finance and Management Department, Real Estate Management Office, for payment of rent for three (3) existing lease agreements for office and warehouse space used by the Departments of Development and Public Safety.
The expenditure authorized by this ordinance is for payment of rent for three (3) leases containing automatic renewal provisions that are subject to the appropriation of rental funds by City Council and certification of funds availability by the City Auditor defined as follows: the sixth of twenty (20) one year lease terms of the lease with Columbus Downtown Development Corporation authorized by City Council Ordinance 1121-2007 for the lease term 05/01/2013 to 04/30/2014 ($124,000.00); the fourth of four (4) one-year renewal terms with Agnes and Thomas Zanetos authorized by City Council Ordinance 0400-2009 for the term 04/01/2013 to 03/31/2014 ($12,000.00); and the first one-year renewal term with Viking Properties authorized by City Council Ordinance 1955-2011 for the term 02/01/2013 to 01/31/2014 ($109,000.00).
Fiscal Impact: This ordinance appropriates and expands $245,000.00 from the Special Income Tax Fund for the payment of rent for three (3) leases for fiscal year 2013.
Emergency Action: Emergency action is requested to provide funding to allow for timely payment of rents coinciding with the renewal dates for the leases as previously authorized by Council.
Title
To appropriate $245,000.00 within the Special Income Tax Fund for the Finance and Management Department, Real Estate Management Office; to authorize the Finance and Management Director to expend $245,000.00, or so much thereof that may be necessary, from the Special Income Tax Fund for the payment of rent for three (3) lease agreements for office and warehouse space used by...
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