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File #: 0135-2019    Version: 1
Type: Ordinance Status: Passed
File created: 1/2/2019 In control: Finance Committee
On agenda: 1/14/2019 Final action: 1/16/2019
Title: To appropriate and authorize the City Auditor to transfer $9,115,625.46 from the Special Income Tax Fund to the Franklin County Convention Facilities Authority Fund, for the purpose of providing secondary funding in the event that Franklin County Convention Facilities Authority cannot meet its debt obligations, to appropriate and expend up to $7,038,312.50 within the Special Income Tax Fund for reimbursement to the RiverSouth Authority to make lease payments, to appropriate and expend up to $1,845,250.00 to the RiverSouth Authority to make lease payments; and to declare an emergency ($17,999,187.96).
Attachments: 1. 0135-2019 DAX Financial Template
Explanation

Background: This legislation authorizes the appropriation and transfer of $9,115,625.46 from the Special Income Tax Fund, to the Franklin County Convention Facilities Authority Fund. The appropriation and transfer of $9,115,625.46 from the Special Income Tax Fund provides the backing, as stipulated in the City's lease agreement with the Franklin County Convention Facilities Authority (CFA). The actual transfer of these funds will only occur if the CFA is unable to meet its debt obligations as outlined in its lease with the City. The City provides fifty percent of this backing, while Franklin County is responsible for the other fifty percent. Since 1990, no such payments have been needed, nor are any anticipated.

This legislation also authorizes the appropriation of $7,038,312.50 from the Special Income Tax Fund for lease payments to the RiverSouth Authority. The RiverSouth Authority issued bonds in 2004 and 2005 to purchase and rehabilitate the former downtown Lazarus Department Store and refunding bonds in 2012 and in 2014. The City entered into a Master Lease Agreement and a First Supplemental Lease Agreement with The RiverSouth Authority on June 21, 2004 (Ordinance No. 1009-2004). The City entered into a Second Supplemental Lease Agreement with RiverSouth on July 25, 2005 (Ordinance No. 1312-2005). The City entered into a Third Supplemental Lease Agreement with RiverSouth on February 27, 2012 (Ordinance No. 0382-2012). The City entered into a Fourth Supplemental Lease Agreement with RiverSouth on February 10, 2014 (Ordinance 0541-2014). These agreements call for the City to make lease payments to The RiverSouth Authority in annual amounts equal to the bond service charges.

This legislation also authorizes the appropriation of $1,845,250.00 from the Special Income Tax Fund for lease payments to the RiverSouth Authority. The RiverSouth Authority issued bonds in 2016 for the Scioto Peninsula Area Redevelopment. These bonds were i...

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