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AN ORDINANCE AUTHORIZING SUPPLEMENTAL APPROPRIATIONS - Central Park TIF Fund, General Fund and Cul-de-sac Maintenance Fund for various purposes
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WHEREAS, the City Council of the City of Gahanna adopted the 2026 Annual Operating and Capital Budgets in accordance with the City Charter and applicable law; and
WHEREAS, the Administration has identified certain supplemental appropriation needs that were either not fully anticipated at the time of budget adoption or require additional funding to meet contractual and operational obligations of the City; and
WHEREAS, the Crescent development agreement associated with the Central Park Tax Increment Financing (TIF) District included the issuance of a State Infrastructure Bank (SIB) loan in the amount of Two Million Dollars ($2,000,000.00) for public infrastructure improvements, with repayment to be made from payments-in-lieu of taxes generated within the Central Park TIF District; and
WHEREAS, the development agreement further requires the City to reimburse the developer for eligible public infrastructure improvements exceeding the SIB loan amount, and such improvements were completed in 2025 at a cost exceeding the loan proceeds; and
WHEREAS, the developer has submitted its first verified request for reimbursement above the SIB loan amount, and debt service principal and interest payments related to the SIB loan are now coming due, making a supplemental appropriation necessary to avoid interest and penalties under the development agreement; and
WHEREAS, during the 2026 budget process, the Department of Public Service requested funding for new fleet software, but an amount of Nine Thousand Dollars ($9,000.00) was inadvertently omitted from the final General Fund appropriation approved by Council; and
WHEREAS, the Cul-de-sac Maintenance Fund was established to collect fees for the maintenance of cul-de-sacs within development areas, and although the enabling code section has since been repealed, previously ...
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