This ordinance authorizes the issuance of limited tax bond anticipation notes in an amount not to exceed $16,150,000 to finance the construction of the Starling Street Parking Garage. The original note was issued in 2020 for $32,500,000, and the 2024 notes will help pay off a portion of the 2023 notes maturing on November 13, 2024. The bonds will fund the construction of a parking facility with approximately 1,400 spaces, aiding in city parking infrastructure. This ordinance includes provisions for the levy of taxes and use of Downtown TIF funds to manage the debt.
The Starling Street Parking Garage is vital for addressing parking demands in downtown Columbus. Funding its construction will facilitate better mobility and infrastructure, and the debt will be managed through TIF revenues and city funds.