Explanation
BACKGROUND:
This ordinance authorizes the issuance of limited tax bond anticipation notes in an amount not to exceed $24,300,000.00 to refund outstanding bond anticipation notes issued for the purpose of financing the costs of constructing the Starling Street Parking Garage. The original note was issued in 2020 in the amount of $32,500,000. Proceeds from the 2022 note sale will be used to provide for the payment of a portion of the 2021 notes that will mature on November 17, 2022.
FISCAL IMPACT: A note in an amount not to exceed $24,300,000 will be issued. This ordinance also includes additional monies to provide for the cost of advertising, printing and legal services and other costs incidental thereto, currently estimated not to exceed $40,000.00. Additional funds to pay down a portion of the existing note will be used from the Downtown TIF fund 4453 and the Mobility Enterprise Fund. It is the intent that the debt service associated with the issuance of the notes will come from revenues generated from the operation of the city's existing parking garages and future revenues generated from the Starling Street Parking Garage.
Title
To authorize the issuance of limited tax bond anticipation notes in an amount not to exceed $24,300,000.00 for the purpose of financing the costs of constructing the Starling Street Parking Garage; to authorize the appropriation of $1,585,185.44 in the Columbus Downtown TIF Fund, Fund 4453; to authorize the transfer of $1,585,185.44 from the Columbus Downtown TIF Fund to the Mobility Debt Retirement Fund; to authorize the transfer of $348,201.82 within the Mobility Debt Retirement Fund; to authorize an expenditure of $27,348,800.00 from the Mobility Enterprise Fund and Mobility Debt Retirement, collectively; and to declare an emergency. ($24,300,000.00).
Section 44-1(b)
Body
WHEREAS, City Council (the “Council”) of the City of Columbus, Ohio (the “City”) has previously authorized an agreement with Capital So...
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