Title
SUPPLEMENTAL APPROPRIATION - School District Compensation
Body
WHEREAS, the amount due to the school district as negotiated to offset their revenue losses associated with providing property tax abatements as development incentives, has increased due to an increase in income tax withholdings for properties associated with abatements; and
WHEREAS, in order to reimburse the Gahanna Jefferson School District for their full share of the additional TIF revenue, a supplemental appropriation is needed;
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 ONE HUNDRED THIRTY NINE THOUSAND FIVE HUNDRED FIFTY TWO DOLLARS ($139,552) is hereby supplementally appropriated from the unencumbered, unappropriated balance of the General Fund to Account No. 101.352.5490, Tax Incentives-School District Compensation.
Section 2. That ORD-0001-2014, passed January 2, 2014, is hereby amended to reflect this supplemental appropriation.
Section 3. That this Ordinance shall be in full force and effect after passage by this Council and on date of signature approval by the Mayor.