Explanation
BACKGROUND: This ordinance authorizes the Finance and Management Director, on behalf of the Real Estate Management Office, to fund two existing lease agreements with Columbus Downtown Development Corporation and Integrated Community Resources for office space located at 50 West Town Street and 1186 West Broad Street respectively. The leased office space located at 50 W. Town Street, is currently used by the Department of Development, Economic Development Division, and the 1186 W. Broad Street facility is currently used by the Department of Neighborhoods, Franklinton Neighborhood Pride Center. Each of these leases has automatic renewal options that are subject to appropriation and funding by Council for payment of the associated rents.
Fiscal Impact: This ordinance authorizes the appropriation and expenditure of $136,000.00 from the Special Income Tax Fund with Columbus Downtown Development Corporation and Integrated Community Resources for payment of rents for the 2017-2018 renewal term of these leases. The Real Estate Management Office budgeted $136,000.00 within the Special Income Tax Fund for these expenditures. The lease amounts have remained the same for the past several years.
Emergency Action: Emergency action is requested to allow for the timely payment of rent associated with the 2017 renewal term for each lease.
Title
To authorize the Finance and Management Director, on behalf of the Real Estate Management Office, to pay rent associated with existing lease agreements for office space with Columbus Downtown Development Corporation and Integrated Community Resources; to authorize the appropriation and expenditure of $136,000.00 from the Special Income Tax Fund; and to declare an emergency ($136,000.00)
Body
WHEREAS, City Council previously authorized two lease agreements 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...
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