Explanation
BACKGROUND: The Council (“Council”) of the City of Columbus, Ohio (the “City”) previously adopted Ordinance 0810-2020 approving a petition for the creation of the Franklinton Special Improvement District of Columbus, Inc. (the “District”), articles of incorporation for the nonprofit corporation, the board of directors of which governs the District, and an initial plan for the District. Pursuant to that resolution, the District has been formed.
The original articles of incorporation contain certain provisions regarding the purposes of the District, the disposition of the District’s property, and the minimum number of directors for the District. The District has determined to apply to the Internal Revenue Service (“IRS”) for recognition as an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. The IRS has informed the District that in order to grant its application, certain amendments to its articles of incorporation are required.
The Members of the District have approved Amended and Restated Articles of Incorporation in order to make the changes directed by the IRS.
Chapter 1710 of the Ohio Revised Code requires any “participating political subdivision” of a special improvement district to approve amendments to the articles of incorporation of the special improvement district. Pursuant to Chapter 1710 of the Ohio Revised Code, the City is a “participating political subdivision” of the District.
This legislation is to approve the Amended and Restated Articles of Incorporation approved by the Members of the District.
Emergency action is requested on this legislation to allow the District to file the Amended and Restated Articles of Incorporation with the Ohio Secretary of State as soon as possible in connection with the pending application for recognition as a 501(c)(3) organization with the IRS.
FISCAL IMPACT: No funding is required for this legislation.
Title
To approve Amended and Restated Articles of In...
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