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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 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).

 

Body

WHEREAS, in March, 2006 the City of Columbus and Franklin County entered into an agreement to jointly create a finance  authority focused on serving the economic needs of the City of Columbus and Franklin County; and

 

WHEREAS, the Columbus-Franklin County Finance Authority is a public agency designed to facilitate capital investment by the private, non-profit and public sectors in Central Ohio; and

 

WHEREAS, this agreement called for the City to provide administrative costs to the Columbus-Franklin County Finance Authority in years 2006 through 2011; and

 

WHEREAS, the City of Columbus provided $150,000 in funding for the program in 2012, 2013 and 2014; and

 

WHEREAS, the City of Columbus provided $100,000 in funding for the program in 2015 and 2016; and

 

WHEREAS, the City desires to continue to provide support to the Columbus-Franklin County Finance Authority by providing funding for administrative costs of $100,000 for 2017, and

 

WHEREAS, funds have been allocated from the 2017 General Fund budget to support the Columbus-Franklin County Finance Authority; and

 

WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to authorize the Director to enter into contract with Columbus-Franklin County Finance Authority to carry out activities, projects and programs uninterrupted, all for the immediate preservation of the public health, peace, property, safety and welfare; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:

 

Section 1.                     That the Director of the Department of Development is hereby authorized to enter into a contract with the Columbus-Franklin County Finance Authority to provide continued support of activities, projects, and programs.

 

Section 2.                     That for the purpose stated in Section 1, the expenditure of $100,000 or so much thereof as may be needed, is hereby authorized in Fund 1000 General Fund in Object Class 03 Contractual Services per the accounting codes in the attachment to this ordinance.

 

Section 3.                     That this contract is awarded in accordance with the relevant provisions of City Code Chapter 329 relating to not-for-profit service contracts.

 

Section 4.                     That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated and the City Auditor shall establish such accounting codes as necessary.

 

Section 5.                     That for the reasons stated in the Preamble hereto, which is hereby made a part hereof, this Ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.