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File #: 1415-2017    Version: 1
Type: Ordinance Status: Passed
File created: 5/19/2017 In control: Economic Development Committee
On agenda: 6/12/2017 Final action: 6/14/2017
Title: To authorize the Director of the Department of Development to enter into a contract with the Columbus-Franklin County Finance Authority; to authorize the expenditure of $100,000.00 from the 2017 General Fund; and to declare an emergency. ($100,000.00).
Attachments: 1. ORD1415-2017 2017 Fund 1000 Finance Authority
Explanation
BACKGROUND: The Columbus-Franklin County Finance Authority was created in March 2006 by Columbus City Council and the Franklin County Board of Commissioners. 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 Columbus-Franklin County Finance Authority serves as a valuable resource for project financing. Some of the services include: bond fund, developer financing, financing in partnership with a bank, lease financing, manufacturing financing, non-profit financing and TEFRA.

The Finance Authority can also assist with energy efficiency projects with the Columbus Region Energy Loan Fund. The program provides Central Ohio businesses and non-profit organizations with cost effective financing for energy efficiency improvement to buildings to lower energy cost. To date, the Columbus-Franklin County Finance Authority has issued over $1.3 billion in bond financing for projects that will invest more than $1.5 billion in Central Ohio. A total of 16 (sixteen) projects were closed in 2016. The City of Columbus entered into an agreement, at the inception, to provide support to the Columbus-Franklin County Finance Authority in years 2006 through 2011. The City provided $150,000 in funding to the program in 2012, 2013, 2014 and $100,000 in 2015 and 2016. The City of Columbus desires to continue to provide support to the Columbus-Franklin County Finance Authority by providing funding of $100,000 in 2017 for administrative cost.

Emergency action is necessary to allow the Columbus-Franklin County Finance Authority to carry out activities, projects and programs uninterrupted.

FISCAL IMPACT: $100,000 in the 2017 General Fund Budget has been allocated for support to the Columbus-Franklin County Finance Authority.

Title
To authorize the Director of the Department of Develo...

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