Explanation
BACKGROUND: City Council approved Ordinance 0336-2016 on March 14, 2016 authorizing the Director of the Department of Development to enter into a disbursement contract with the Short North Special Improvement District, Inc. (SID) for the implementation of services and improvements set forth in the District Plan and authorizing the City Auditor to appropriate and expend up to $400,000 from assessments levied from property owners.
Due to delinquent property tax payments, subsequently paid, of which SID assessments are paid at the same time, there will be additional funds collected and disbursed in 2016 exceeding the initial $400,000 estimate.
This legislation will amend the Short North Disbursement Contract dated March 16, 2016 to increase the amount that can be expended to $550,000.
FISCAL IMPACT: This legislation will increase the maximum amount that can be expended from $400,000 to $550,000. The additional $150,000 for this expenditure will be received from the levy of assessments collected from property owners in the Short North Special Improvement District. These funds are deposited into and expended from Agency Fund 3306.
Title
To amend the Short North Special Improvement District disbursement contract dated March 16, 2016 for the implementation of services and improvements set forth in the District Plan; to authorize the City Auditor to appropriate and expend up to $150,000.00 from assessments levied from property owners; and to declare an emergency. ($150,000.00)
Body
WHEREAS, City Council approved the reauthorization and implementation of a plan for services and improvements for the Short North Special Improvement District for a period of 5 years from January 1, 2011 through December 31, 2016; and
WHEREAS, City Council has also levied assessments in accordance with the Ohio Revised Code, Chapter 1710 for such purposes, which funds are in the process of collection and are required by law to be distributed to the District by the ...
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