Explanation
BACKGROUND: This ordinance authorizes the appropriation of $124,000.00 within the Special Income Tax Fund and the expenditure of $124,000.00 or so much thereof that may be necessary by the Finance and Management Department, Real Estate Management Office, for payment of rent for an existing lease agreement for office space located at 50 W. Town Street used by the Department of Development, Economic Development Division.
This ordinance authorizes the expenditure for payment of rent for a lease 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, for the seventh of twenty (20) one-year lease terms of the lease with Columbus Downtown Development Corporation authorized by City Council Ordinance 1121-2007, for the term 05/01/2014 to 04/30/2015 ($124,000.00).
Fiscal Impact: This ordinance appropriates and expends $124,000.00 from the Special Income Tax Fund for the payment of rent for the 2014-2015 term of the lease.
Emergency Action: Emergency action is requested to provide funding to allow for timely payment of rent coinciding with the renewal date for this lease as previously authorized by Council.
Title
To appropriate $124,000.00 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 $124,000.00, or so much thereof that may be necessary from the Special Income Tax Fund for the payment of rent for office space; and to declare an emergency. ($124,000.00)
Body
WHEREAS, the Finance and Management Department, Real Estate Management Office, is responsible for leasing commercial properties for use in City operations; and
WHEREAS, City Council previously authorized a lease agreement with automatic renewal terms with each renewal term being subject to the appropriation of rental funds and certification of funds avail...
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