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 eighth 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 May 1, 2015 to April 30, 2016 ($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 2015 - 2016 term of the lease.
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. ($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 availability by the City Auditor; and
WHEREAS, funding for the payment of rent for lease of office space for the Department of Development, Economic Development Division though not appropriated, is provided for within the Special Income Tax Fund for 2015; and
WHEREAS, the appropriation of funds for this lease agreement from the Special Income Tax Fund is necessary; and
WHEREAS, it is necessary to expend funds for the eighth of twenty (20) one year lease term of the lease with Columbus Downtown Development Corporation as authorized by City Council Ordinance 1121-2007; now, therefore:
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the appropriation of $124,000.00 or so much thereof that may be necessary, is hereby authorized and approved as follows:
Division: 45-51
Fund: 430
OCA Code: 430459
Object Level 1: 03
Object Level 3: 3301
Amount: $124,000.00
SECTION 2. That the monies appropriated in SECTION 1 shall be paid upon order of the Finance and Management Director and that no order shall be drawn or money paid except by voucher, the form of which shall be approved by the City Auditor.
SECTION 3. That the Finance and Management Director be and is hereby authorized to expend funds for the payment of rent for the 2015 - 2016 renewal term of a lease for office space for use by the Department of Development.
SECTION 4. That the expenditure of $124,000.00, or so much thereof that may be necessary in regard to the action authorized in SECTION 3, be and is hereby authorized and approved as follows:
Division: 45-51
Fund: 430
OCA Code: 430459
Object Level 1: 03
Object Level 3: 3301
Amount: $124,000.00
SECTION 5. That the City Auditor is authorized to make any accounting changes necessary to ensure that this contract is properly accounted for and recorded accurately on the city's financial record. The City Auditor is authorized to make any changes to revise the funding source for any contract or contract modification associated with this ordinance.
SECTION 6. That this ordinance shall take effect and be in force from and after the erliest period allowed by law.