Explanation
Background: This legislation appropriates $725,000.00 from the unappropriated balance of the Neighborhood Economic Development Fund for the administration of the Economic Development Revolving Loan Fund Program, Neighborhood Commercial Revitalization Program, Capital Improvement Projects Program, and the Business Retention and Expansion Program in the Department of Development’s Division of Economic Development for 2018.
This appropriation is for the 2018 fiscal year and is in addition to funding provided to the division from the general fund. The appropriation is for personnel costs only.
Emergency action is requested so that funds can be established at the start of the 2018 budget year.
Fiscal Impact: This legislation appropriates $725,000.00 from the unappropriated balance of the Neighborhood Economic Development Fund (Fund 2237) for the 2018 budget year. The available cash balance of this fund is approximately $1,369,627.
Title
To authorize the appropriation of $725,000.00 from the unappropriated balance of the Neighborhood Economic Development Fund to the Department of Development to provide funds for the administration of the Economic Development Revolving Loan Fund Program, Neighborhood Commercial Revitalization Program, Capital Improvement Projects Program, and the Business Retention and Expansion Program; and to declare an emergency. ($725,000.00)
Body
Whereas, the City of Columbus and the City of New Albany entered into an Economic Development Agreement on October 12, 2001, pursuant to City of Columbus Ordinance 1219-2001 to establish an area called the Revenue Sharing Property for the purpose of cooperating on matters relating to economic development; and
Whereas, the Economic Development Agreement outlined an agreement between the City of Columbus and the City of New Albany to share income tax revenue generated from commercial growth within the Revenue Sharing Property area; and
Whereas, the Neighborhood Economic Development Fu...
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