Explanation
Background: This legislation authorizes the appropriation and expenditure of up to $552,000.00, and it authorizes the Director of the Department of Development to enter into a grant agreement with the Columbus-Franklin County Finance Authority (“CFCFA”) in the amount of up to $4,552,000.00 ($4,000,000.00 from Ordinance No. 1861-2026) to provide gap funding for urban redevelopment projects. Ordinance No. 1861-2026 approved by City Council on June 22, 2026 authorized gap funding to CFCFA for projects within the City of Columbus’ urban core and adjacent neighborhoods in order to facilitate projects that will assist in the revitalization of properties, but prior to implementing that ordinance, it was determined that the additional funding herein was necessary for a project. This legislation represents an additional up to $552,000.00 for a total up to $4,552,000.00. The CFCFA will help fill funding gaps for the redevelopment of denser projects in traditional neighborhood corridors. Urban redevelopment projects often encounter issues not experienced by new build projects or projects not built on undeveloped land (e.g. older buildings have amplified costs to bring it up to current code and safety standards). Grant funding will be advanced to CFCFA to fund these projects.
EMERGENCY DESIGNATION: An emergency exists to allow the intended urban redevelopment projects to close on financing at the most advantageous interest rates to minimize overall project costs to the City.
Fiscal Impact: Funding in an amount up to $552,000.00 is available within the Department of Development’s Westside Community Fund, Fund 2276.
CONTRACT COMPLIANCE: The vendor number is 009436 and expires January 06, 2028.
Title
To authorize the appropriation in an amount up to $552,000.00 in the Westside Community Fund; to authorize the Director of the Department of Development to enter into a grant agreement with Columbus-Franklin County Finance Authority to provide funding of up to $...
Click here for full text