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File #: 0286-2023    Version: 1
Type: Ordinance Status: Passed
File created: 1/20/2023 In control: Finance Committee
On agenda: 2/6/2023 Final action: 2/8/2023
Title: To authorize the City Auditor to appropriate and expend up to $7,039,250.00 within the Special Income Tax Fund for reimbursement to the RiverSouth Authority to make lease payments; to authorize the City Auditor, on behalf of the Department of Public Service, to expend up to $1,845,000.00 within the Mobility Enterprise Fund to the RiverSouth Authority to make lease payments; and to declare an emergency ($8,884,250.00).
Attachments: 1. 0286-2023 D365 Financial (RiverSouth).pdf
Explanation
Background: This legislation authorizes the appropriation of $7,039,250.00 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 expenditure of $1,845,000.00 from the Mobility Enterprise Fund for lease payments to the RiverSouth Authority. The RiverSouth Authority issued bonds in 2016 for the Scioto Peninsula Area Redevelopment. These bonds were issued to construct an underground parking garage and park located at the Center of Science and Industry (COSI). The City entered into a Master Lease Agreement and Supplemental Lease Agreement with The RiverSouth Authority on July 25, 2016 (Ordinance No. 1980-2016). This agreement calls for the City to make lease payments to The RiverSouth Authority in annual amounts equal to the bond service charges. Prior to 2022, these payments were paid from the Special Income Tax fund. With the consolidation of parking services, lease payments for the parking garage will be budgeted in the Mobility Enterprise Fund.

Emergency: This ordinance is submitted as an emergency so as to allow the financial transactions to be posted i...

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