Explanation
Brief Description: To authorize the Director of the Department of Development to enter into a grant agreement with Columbus-Franklin County Finance Authority to provide funding for urban redevelopment projects.
Background: The City will enter into a grant agreement with Columbus-Franklin County Finance Authority (“CFCFA”) in the amount of $1,350,000 in order to provide gap financing for urban redevelopment projects within the City of Columbus.
The CFCFA program will provide funding for projects within the urban core and adjacent neighborhoods within the City in order to facilitate projects that will assist in the revitalization of properties and the urban core of the city as a whole. The long term goal of this fund is to enable the CFCFA to help fill funding gaps for the redevelopment of smaller scale projects in traditional neighborhood corridors. These redevelopment projects encounter issues, as older buildings can have amplified costs to bring up to current code and safety standards. This fund will allow CFCFA to provide flexible funding to fill these cost gaps for targeted projects in the City.
Fiscal Impact: This legislation authorizes the expenditure of $1,350,000 from the Development Taxable Bond Fund.
Emergency Justification: Emergency legislation is required to allow for immediate execution of the grant agreement, which is necessary to facilitate the execution of the contract so that CFCFA is able to issue funding for urban redevelopment projects.
Title
To amend the 2019 Capital Improvement Budget; to authorize the City Auditor to transfer cash between projects within the Development Taxable Bond Fund; to authorize the Director of the Department of Development to enter into a grant agreement with Columbus-Franklin County Finance Authority to provide funding for urban redevelopment projects; to authorize the expenditure of $1,350,000.00 from the Development Taxable Bond Fund; and to declare an emergency. ($1,350,000.00)
Body
WHEREAS, the City will enter into a grant agreement in the amount of $1,350,000 with CFCFA in order to provide gap financing for urban redevelopment projects within the City of Columbus; and
WHEREAS, it is necessary to transfer cash and appropriation between projects in the Development Taxable Bond Fund; and
WHEREAS, it is necessary to amend the 2019 Capital Improvement Budget; and
WHEREAS, CFCFA will provide funding for projects in the urban core and adjacent neighborhoods; and
WHEREAS, CFCFA will work directly with the City in order to determine project eligibility; 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 the grant agreement to maintain the established program timeline, thereby preserving 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 2019 Capital Improvement Budget be and is hereby amended to provide sufficient authority for this project as follows:
Project No. | Project Name | Current Authority | Revised Authority | Change
P782010-100000 / Housing Development-Children’s Hospital/Parsons Area / $1,000,000.00 (Councilmanic SIT Supported) / $0.00 / ($1,000,000.00)
P441770-100000 / King Lincoln District-Long Street, Garfield and Monroe / $350,000.00 (Unvoted Carryover) / $0.00 / ($350,000.00)
P441771-100000 / Urban Redevelopment - CFCFA / $0.00 / $1,350,000.00 / $1,350,000.00
SECTION 2. That the transfer of $1,350,000, or so much thereof as may be needed, is hereby authorized from Fund 7739 (Development Taxable Bonds), Dept-Div 4402 (Economic Development), Project P782010-100000 (Housing Development - Children’s Hospital/Parsons Area), Object Class 06 (Capital Outlay) and P441770-100000 (King Lincoln District - Long Street, Garfield and Monroe), Object Class 06 to Dept-Div 4402 (Economic Development), Project P441771-100000 (Urban Redevelopment - CDCFA, Object Class 06 (Capital Outlay per the account codes in the attachment to this ordinance.
SECTION 3. That the Director of the Department of Development is hereby authorized to enter into the grant agreement in the amount of $1,350,000 with Columbus-Franklin County Finance Authority to provide funding for urban redevelopment projects in the urban core and adjacent neighborhoods.
SECTION 4. That the expenditure of $1,350,000 or so much thereof as may be needed, is hereby authorized in Fund 7739 (Development Taxable Bonds), Dept-Div 4402 (Economic Development), P441771-100000 (Urban Redevelopment - CDCFA), in Object Class 06 (Capital Outlay) per the accounting codes in the attachment to this ordinance.
SECTION 5. 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 6. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this ordinance.
SECTION 7. That the City Auditor is hereby authorized to transfer the unencumbered balance in a project account to the unallocated balance account within the same fund upon receipt of certification by the Director of the Department administrating said project that the project has been completed and the monies are no longer required for said project.
SECTION 8. 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.