Explanation
BACKGROUND
To authorize the Director of the Department of Development to enter into a grant agreement in the amount of $4,000,000.00 with Columbus-Franklin County Finance Authority (CFCFA) to provide gap funding for urban redevelopment projects.
The CFCFA will provide gap funding 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. The CFCFA will help fill funding gaps for the redevelopment of smaller scale 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 having amplified costs to bring it up to current code and safety standards).
EMERGENCY DESIGNATION: An emergency exists as this will delay the funding of urban redevelopment projects.
FISCAL IMPACT: Funding in the amount of $4,000,000.00 is available within the Development Taxable Bonds Fund, Fund 7739. A transfer of funds between projects and divisions is required to establish sufficient authority for the program.
CONTRACT COMPLIANCE: the vendor number is 009436 and expires 01/06/2028
Title
To authorize an amendment to the 2025 Capital Improvement Budget; to authorize the transfer between projects and departments within the Development Taxable Bonds 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 for urban redevelopment projects; and to authorize the expenditure of $4,000,000.00 from the Development Taxable Bonds Fund; and declare an emergency. ($4,000,000.00)
Body
WHEREAS, the Columbus-Franklin County Finance Authority (“CFCFA”) will provide gap funding for urban redevelopment projects that will assist in the revitalization of properties within the City’s urban core and adjacent neighborhoods; and
WHEREAS, the City will enter into a grant agreement in the amount of $4,000,000.00 with the CFCFA in order to provide gap funding for urban redevelopment projects within the City of Columbus; and
WHEREAS, the CFCFA will work directly with the City in order to determine project eligibility; and
WHEREAS, it is necessary to authorize the transfer between projects and divisions in an amount up to $4,000,000.00 within the Development Taxable Bonds Fund; and
WHEREAS, it is necessary to authorize the expenditure in an amount up to $4,000,000.00 within the Development Taxable Bonds Fund; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to authorize the Director to enter into this grant agreement in order to maintain the project schedule for construction of projects within the urban core and adjacent neighborhoods in need of revitalization, thereby preserving the public health, peace, property, safety and welfare; now, therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the 2025 Capital Improvements Budget be amended as follows to establish sufficient authority for this this project:
Fund / Project / Project Name / C.I.B. / Change / C.I.B. as Amended
7739/P782001-100002/Roof Program (unvoted carryover)/ $0.00/ $87,650 / $87,650 to match cash
7739/P782001-100002/Roof Program (unvoted carryover)/$87,650/ ($87,650) /$0.00
7739/P782004-100001/Vacant/Abandoned Demolition & Remediation(unvoted carryover)/$350,000.00/$4,178/$354,178 to match cash
7739/P782004-100001/Vacant/Abandoned Demolition & Remediation(unvoted carryover)/$354,178/(354,178)/$0.00
7739/P441768-100009/North Market CFA Contribution (unvoted carryover)/$2,772,081.00/$36,235.00/$2,808,316.00 to match cash
7739/P441768-100009/North Market CFA Contribution (unvoted carryover)/$2,808,316/($808,316.00)/$2,000,000
7739/P782023-100000/Critical Home Repair (unvoted carryover)/$0/11,255/$11,255 to match cash
7739/P782023-100000/Critical Home Repair (unvoted carryover)/$11,255/($11,255)/$0.00
7739/P782024-100000/Homeownership Development (unvoted carryover)/$1/$353,659/$353,660 to match cash
7739/P782024-100000/Homeownership Development (unvoted carryover)/$353,660/($353,660)/$0
7739/P200021-100000/Elevate Northland (unvoted carryover)/$134,268/($134,268)/$0
7739/P200029-100000/CAPA Capital Campaign (unvoted carryover)/$800,000/($800,000)/$0
7739/P200040-100000/Little Bottoms Property Acquisition (unvoted carryover)/$550,000/($550,000)/$0
7739/P200042-100000/Neighborhood House (unvoted carryover)/$428,000/($428,000)/$0
7739/P200026-100000/Land Bank Properties (unvoted carryover)/$552,000/($472,673)/$79,327
7739/P590428-100000/Financing Authority Contribution (unvoted carryover)/$0/$4,000,000/$4,000,000
SECTION 2. That the transfer between projects and divisions in an amount up to $4,000,000.00, or so much thereof as may be needed, is hereby authorized within Fund 7739 (Development Taxable Bonds Fund) per the account codes in the attachment to this ordinance.
SECTION 3. That the Director of the Department of Development is authorized to enter into a grant agreement with the Columbus-Franklin County Finance Authority in the amount of $4,000,000.00 to provide funding for urban redevelopment projects.
SECTION 5. That the expenditure of $4,000,000.00, or so much thereof as may be needed, is hereby authorized in Fund 7739 (Development Taxable Bonds), Dept-Div 4402 (Economic Development), Project P590428-100000 (Financing Authority Contribution), in Object Class 06 Capital Outlay per the account codes in the attachment to this Ordinance.
SECTION 6. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, authorized for expenditure to carry out the purposes of this ordinance, and the City Auditor shall establish such accounting codes as necessary.
SECTION 7. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this ordinance.
SECTION 8. That the City Auditor is hereby authorized to transfer the unencumbered balance in a project account to the unallocated balance account within the same fund upon receipt of certification by the Director of the Department administering said project that the project has been completed and the monies are no longer required for said project.
SECTION 9. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this Ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.