Explanation
Background: This legislation appropriates $100,000.00 from the unappropriated balance of the Neighborhood Economic Development Fund for the administration of tax incentive programs in the Department of Development’s Division of Housing for 2018. The Division of Housing supports the Division of Economic Development in these efforts.
This appropriation is for the 2018 fiscal year and is in addition to funding provided to the Division from the General Fund and grants. 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 $100,000.00 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 $755,414.
Title
To authorize the appropriation of $100,000.00 from the unappropriated balance of the Neighborhood Economic Development Fund for the Department of Development to provide funds for the administration of tax incentive programs in the Department of Development’s Division of Housing; and to declare an emergency. ($100,000.00)
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 Fund was established by the City of Columbus for the purpose of depositing revenue resulting from the Economic Development Agreement with the City of New Albany; and
WHEREAS, this legislation ...
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