Explanation
BACKGROUND: The Columbus-Franklin County Finance Authority (Finance Authority) was created in March 2006 by Columbus City Council and the Franklin County Board of Commissioners. It was organized as a port authority under Ohio law. The Finance Authority provides long-term financing to businesses, non-profit organizations and local governments. It is also an eligible issuer of tax-exempt and tax debt. Working in conjunction with banks and other public partners, the Finance Authority serves as a valuable resource for project financing. Some of the services offered include bond fund, developer financing, financing in partnership with a bank, lease financing, manufacturing financing, non-profit financing and TEFRA. To date, the Finance Authority has issued over $485 million in bond financing project that will invest more than $634 million and create 1,956 jobs in Central Ohio. The City of Columbus entered into an agreement, at the inception, to provide support to the Finance Authority in years 2006 through 2011. The City provided $150,000 in funding to the program in both 2012 and 2013 and desires to continue to provide support to the Columbus-Franklin County Finance Authority by providing funding of $150,000 in 2014 for administrative cost.
FISCAL IMPACT: $150,000 in the 2014 General Fund budget has been allocated for support of the Columbus-Franklin County Finance Authority.
Title
To authorize the Director of the Department of Development to enter into a contract with the Columbus-Franklin County Finance Authority to provide funding for administrative costs for the continued support of activities, projects and programs; to authorize the expenditure of $150,000.00 from the General Fund; and to declare an emergency. ($150,000.00)
Body
WHEREAS, in March, 2006 the City of Columbus and Franklin County entered into an agreement to jointly create a finance port authority focused on serving the economic needs of the City and Franklin County; and
WHER...
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