TITLE
A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS - Tech Ctr Security Deposit Fund, Central Park TIF, and Water Capital Fund Relating to Tech Center Drive Extension
BODY
WHEREAS, upon executing the original Science One agreements for Tech Center Drive, a new fund 4320 - SIB Security Deposit Fund - was created and appropriations were established to pay the principal of the State Infrastructure Bank (SIB) loan, estimated to be $1,500,000; and
WHEREAS, the amended agreements now require the City to use the security deposit to pay for this construction and the SIB loan will not be initiated; and
WHEREAS, the Administration requests a Resolution to transfer $1,500,000 of appropriations from the Principal Retirement account to the Capital Improvement account; and
WHEREAS, the City has also appropriated $250,000 within the Central Park TIF and $85,100 from the Water Capital Fund for capital improvements that will need transferred to the renamed “Tech Ctr Security Deposit” Fund 4320 to reimburse the developer for a portion of the construction costs, along with $357,183 of grant funds.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF GAHANNA, COUNTY OF FRANKLIN, STATE OF OHIO:
Section 1. That the Council hereby authorizes the transfer for appropriations as follows:
FROM:
432.06.000.5400 - Principal Retirement $1,500,000
TO:
432.06.000.5505 - Capital Improvement $1,500,000
Section 2. That the Council hereby authorizes the transfer for appropriations as follows:
FROM:
224.11.080.5505 - Central Park TIF $250,000
TO:
224.11.080.5900 - Transfers Out $250,000 (to Tech Ctr Security Deposit Fund 4320)
Section 3. That the Council hereby authorizes the transfer for appropriations as follows:
FROM:
652.11.000.5505 - Water Capital Fund Capital Improvements $85,000
TO:
652.11.000.5900 - Transfers Out (to Tech Ctr Security Deposit Fund 4320)
Section 4. That this Resolution shall be in full force and effect at the earliest period allowed by law.