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HomeMy WebLinkAbout06-08 OrdinanceRECORD OF ORDINANCES Dnymn Legal Bl:mk, Inc _ Furm Nu. 30043 __~ 06-08 Ordinance No. Passed . 20, AMENDING THE ANNUAL APPROPRIATIONS ORDINANCE FOR THE FISCAL YEAR ENDING DECEMBER 31, 2008 1 1 1 WHEREAS, the Ohio Revised Code requires, when necessary, amendments to the annual appropriations ordinance be made in order that appropriations are not over expended; and WHEREAS, it is necessary to amend the annual appropriations ordinance to provide funding authorization in certain budget accounts; and WHEREAS, it is necessary to appropriate estimated resources identified in various capital project funds for project-related expenditures; and WHEREAS, at the beginning of each year it is necessary to appropriate unencumbered balances in various capital project funds to authorize those funds for project-related expenditures. NOW THEREF9RE, BE IT ORDAINED by the Council of the City of Dublin, State, of Ohio, ~ members concurring that: Section 1. There be appropriated from the unappropriated balance in the General Fund the amount of $320,234.00. Of the total, $110,000.00 is to be appropriated to account 101-1219-710-2348 for the payment of real estate taxes and $210,239.00 is to be appropriated to account 101-1620-740-2421 for the purpose of planting of trees on public property. Section 2. There be appropriated from the unappropriated balance in the Community Center Construction Fund the amount of $8,770.90 to account 411-0314-780-2520 to finalize the 2007 renovation project. Section 3. There be appropriated from the unappropriated balance in the Pizzuti TIF Fund the amount of $200,000.00 to account 416-0314-780-2349 for design fees related to the development of Smiley Park and the bikepath and street lighting improvements in the Metro Center. Section 4. There be appropriated from the unappropriated balance in the Thomas/Kohler TIF Fund the amount of $165,000.00 to account 419-0314-810-2790 to transfer funds to the General Obligation Debt Service Fund for the 2008 debt service obligations on the debt issued for the Emerald Parkway Phase 7A (Shier Rings to Innovation) project. Section 5. There be appropriated from the unappropriated balance in the McKitrick TIF Fund the amount of $695,100.00 to account 421-0314-810-2790 to transfer funds to the General Obligation Debt Service Fund for the 2008 debt service obligations due on the debt issued for Emerald Parkway Phase 2. Section 6. There be appropriated from the unappropriated balance in the Rings Road TIF Fund the amount of $288,750.00 to account 426-0314-810-2790 to transfer funds to the General Obligation Debt Service Fund for the 2008 debt service obligations on the debt issued for the Rings Road widening project. Section 7. There be appropriated from the unappropriated balance in the Perimeter West TIF Fund the amount of $320,100.00 to account 431-0314-810-2790 to transfer funds to the General Obligation Debt Service Fund for the 2008 debt service obligations on the debt issued for the Perimeter Drive extension (Avery-Muirfield to Post) project. RECORD OF ORDINANCES Dayton Legal Blank, Inc. Form No. 30043 Pa e 2 Ordinance No. 06-08 Passed g 20 1 1 Section 8. There be appropriated from the unappropriated balance in the Shamrock Crossing TIF Fund the amount of $293,909.20 to account 451-0314-780-2551 to reimburse the developer for costs related to Banker Drive and Stoneridge Lane per the executed Tax Increment Financing Agreement. Section 9. The public hearing be waived to provide immediate funding authorization for these projects. Section 10. This ordinance shall take effect and be in force in accordance with Section 4.04(a) of the Dublin City Charter. Passed this 1z day of ~, 2008. Mayor -Presiding Officer ATTEST: Clerk of Council 1 CI'fl' OF DL~~LIN Office of the City Manager 5200 Emerald Parkway • Dublin, OH 43017 Phone: 614-410-4400 • Fax: 614-410-4490 To: Members of Dublin City Council From: Jane S. Brautigam, City Manager~~.,,,.i`j. (~j ° Date: January 17, 2008 Initiated By: Marsha I. Grigsby, Deputy City Manager/Director of Finance Memo Re: Ordinance 06-08, Amending the Annual Appropriations for the Fiscal Year Ending December 31, 2008 Summary Each year an ordinance is prepared appropriating funding in various capital project funds and the unencumbered funds from tree replacement fees. Ordinance 06-08 provides for these appropriations and additional funding authorization for the payment of property taxes. Section 1 appropriates available tree replacement fees as of December 31, 2007 and the tree replacement fees from the Banker Drive and Stoneridge Lane public improvements being completed in accordance with the Tax Increment Financing (TIF) Agreement executed with Shamrock Crossing, LLC. The fees for Banker Drive and Stoneridge Lane will be paid from the Shamrock Crossing TIF Fund with future reimbursement from service payments generated by the new development in the TIF district. Section 1 also appropriates additional funding for the payment of real estate taxes. In late 2007, the land that had been previously dedicated from the City to LJMC Partners was returned to the City. As part of the transaction returning the land to the City, UMC Partners paid the City in excess of $107,000 for their prorated share of 2007 real estate taxes. The City will be required to pay the 2007 real estate taxes in 2008. This transaction occurred after the 2008 Operating Budget had been prepared and therefore, the additional real estate taxes due in 2008 were not included. Section 2 appropriates funding to finalize the 2007 Rec Center renovation projection. In addition to the $1,955.75 remaining in the Community Center Construction Fund, a transfer in the amount of $6,815.15 will be made from the Capital Improvements Tax Fund to finalize the project. The remaining Sections appropriate funding for the TIF Funds identified. Additional appropriations will be requested throughout the year as the various public infrastructure improvement projects identified in the TIF agreements are initiated. For example, Section 5 appropriates only the transfer that will be made for the 2008 debt service obligations related to the debt issued fot• Emerald Parkway Phase 2. As City Council is aware, public infrastructure improvements at Cardinal Health's access points have been programmed for completion in 2008 to meet the roadway needs associated with Cardinal's expansion. The additional funding authorization will be requested as part of the legislation awarding the construction project. Additionally, the administration will be preparing legislation in the future to amend the existing Memo to Council re Ordinance 06-08 January 17, 2008 Page Two public infrastructure improvements to be funded by the TIF district. The addition of the new building on Cardinal's West Campus results in the need to improve Post Road and Commerce Parkway and reconfigure lanes at the intersection of Emerald Parkway and Post Road. With regard to the Perimeter West TIF district, the new development in the area will result in additional service payments being received in 2008 and going forward. As a result, it is currently estimated that the outstanding advances will be repaid in 2011 or 2012 and the future service payments in excess of the annual debt service obligations will be available to assist in the reimbursement for Hospital Drive. Recommendation: Statt'recommends that Council dispense with the second reading/public hearing and adopt Ordinance 06- 08 at the January 22, 2008 City Council meeting.