City of Gahanna - File #: ORD-0069-2011

• File #: ORD-0069-2011
• Version: 1
• Name: Supp./App. - School District Reimbursement
• Type: Ordinance
• Status: Passed
• File created: 4/4/2011
• In control: City Council
• Final action: 4/18/2011
• Title: SUPPLEMENTAL APPROPRIATION - Tax Increment Equivalent Fund/School District Reimbursement
• Indexes: ORDINANCE, SUPPLEMENTAL, TIF - TAX INCREMENT FINANCING

Date	Ver.	Action By	Action	Result
4/18/2011	1	City Council	Adopted	Pass
4/4/2011	1	City Council	Introduced

Title

SUPPLEMENTAL APPROPRIATION - Tax Increment Equivalent Fund/School District Reimbursement

Drafter

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Body

WHEREAS, proceeds from the clawback of the Amerigraph Building have been received and the City is obligated to pay the Gahanna-Jefferson School District 75% of the taxes they would have received had the TIF not been in place;

NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:

Section 1.  That funding in the amount of SIX HUNDRED THIRTY FOUR THOUSAND EIGHT HUNDRED SIXTY NINE DOLLARS ($634,869) is hereby supplementally appropriated from the unencumbered, unappropriated balance of the Tax Increment Equivalent Fund to Account No. 224.343.5831.2, School District Reimbursement, to cover the herein cost.

Section 2.  That ORD-0001-2011, passed January 3, 2011, 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.