TITLE
AN ORDINANCE AUTHORIZING SUPPLEMENTAL APPROPRIATIONS; AND WAIVING SECOND READING – General Fund Development Contract Services for the Gahanna Community Improvement Corporation
BODY
WHEREAS, the Creekside Redevelopment Strategy, finalized in 2022, recommended the development of additional mixed-use properties to stimulate economic activity and support local businesses within the Creekside District; and
WHEREAS, in pursuit of this goal, the Gahanna Community Improvement Corporation (CIC) purchased blighted and vacant parcels in the Creekside District through loan financing secured by the properties themselves, with a payoff balance as of September 30, 2025, of Five Million Twenty-One Thousand Three Hundred Sixty-One Dollars and Thirty-Nine Cents ($5,021,361.39); and
WHEREAS, in 2024, the CIC was awarded a grant from the Ohio Department of Development via the Central Ohio Community Improvement Corporation (COCIC) to demolish existing buildings on the parcels, with demolition required to be completed by December 31, 2025; and
WHEREAS, the demolition cannot occur until the existing mortgages are extinguished, requiring a supplemental appropriation from the City to retire the loan balance; and
WHEREAS, payment of the loan by September 30, 2025, will save approximately Six Hundred Eighty-Four Dollars ($684.00) per day in accruing interest and will provide sufficient time to complete demolition in compliance with grant requirements; and
WHEREAS, this Council finds it necessary and in the best interest of the City to authorize the supplemental appropriation of funds to accomplish this purpose.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, COUNTY OF FRANKLIN, STATE OF OHIO:
Section 1. That funding in the amount of Five Million Twenty-One Thousand Three Hundred Sixty-One Dollars and Thirty-Nine Cents ($5,021,361.39) is hereby supplementally appropriated from the unappropriated and unencumbered balance of the General Fund (1010) to 101.09.000.5205 – Development Contract Services for the purpose of retiring the CIC loan balance and extinguishing existing mortgages on the Creekside parcels.
Section 2. That Council hereby waives the requirement of a second reading to enable timely satisfaction of the CIC loan, avoid further accrual of interest, and allow demolition to proceed in compliance with state grant deadlines.
Section 3. That pursuant to City Charter Section 4.14, whereas the 30-day referendum period does not apply for ordinances providing for the appropriation of money, this Ordinance shall be in full force and effect immediately upon passage by this Council and on the date of signature of approval by the Mayor.