Explanation
Background: Ordinance 1912-2006 authorized the City Auditor to create Property Management Fund 2294 for the deposit of revenues and payment of expenditures associated with operating various city-owned properties where there are non-city tenants and where the payments from lease agreements are to be used to offset the costs of the operation and maintenance of these properties. Ordinance 1184-2010 authorized the City Auditor to create additional sub-funds as needed in the future in Property Management Fund 2294 for any similar purposes. As authorized by Ordinance 2537-2017, the City is now the owner of that real property and mixed-use commercial building located at 1402-1418 Cleveland Avenue, Columbus, Ohio 43211. The City Auditor has established a new sub-fund under Property Management Fund 2294, designated as 229408, “1402-1418 Cleveland Avenue”, for the deposit of income associated with tenant leases at this city-owned real property and for the expenditure of funds necessary to support of the operations, maintenance, and capital needs of the property.
This ordinance authorizes the appropriation of funds from the unappropriated monies in Property Management Fund 2294 as received in sub-fund 229408, 1402-1418 Cleveland Avenue, for payment of all expenditures necessary to support the operation, maintenance, and capital needs of the real property, appropriates future deposits the City receives in this sub-fund, authorize and directs the Director of the Department of Finance and Management to pay those expenditures necessary for the operation, maintenance, and capital needs of city-owned real property located at 1402-1418 Cleveland Avenue.
Emergency action is requested to allow for the uninterrupted operation of the property and provision of building services to tenants required under the leases by the City as Landlord, and to pay utilities and other expenses now due.
Fiscal Impact: It is estimated that the City will receive income of approximately $...
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