Explanation
BACKGROUND:
This legislation authorizes the expenditure of $135,300 for a Brownfield grant award pursuant to the Green Columbus Fund, which was established in October 2010 by Ordinance 1462-2010.
The Green Columbus Fund represents the City's commitment to foster sustainable building through LEED certification and to foster sustainable Brownfield assessment and redevelopment. The program will produce economic, environmental and social benefits for Columbus and its residents.
This legislation authorizes the Director of Development to enter into a grant agreement with Commonwealth Realty Fund LLC for Brownfield assessment and redevelopment of the site at 505 East Livingston Ave., subject to the project attaining Brownfield assessment and redevelopment goals of the program, and meeting the other terms and conditions of the agreement. It also authorizes the expenditure of up to $135,300 for this purpose.
FISCAL IMPACT:
Funding is from the Green Columbus Fund - 2010 Capital Improvements Budget.
Title
To authorize the Director of the Department of Development to enter into a grant agreement with Commonwealth Realty Fund LLC for Brownfield assessment and redevelopment of the site located at 505 East Livingston Ave. pursuant to the Green Columbus Fund Program; and to authorize the expenditure of up to $135,300.00 from the Northland and Other Acquisitions Fund. ($135,300.00)
Body
WHEREAS, the Department of Development administers the Green Columbus Fund (established by Ordinance 1462-2010) from city bond proceeds; and
WHEREAS, the Green Columbus Fund represents the City's commitment to foster sustainable building through LEED certification and to foster sustainable Brownfield assessment and redevelopment; and
WHEREAS, the program will produce economic, environmental and social benefits for Columbus and its residents; and
WHEREAS, the applicant has applied under the Brownfield assessment and redevelopment component of this program, the purpose of which is to encourage proper and productive use of the site in a manner that contributes to achieving economic, environmental and social benefits, and the application has been approved by the Director of the Department of Development; and
WHEREAS, this legislation authorizes the Director of Development to enter into a grant agreement with Commonwealth Realty Fund LLC for Brownfield assessment and redevelopment of the site at 505 East Livingston Ave., subject to the project attaining Brownfield assessment and redevelopment goals of the program, and meeting the other terms and conditions of the agreement; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development is hereby authorized to enter into a grant agreement with Commonwealth Realty Fund LLC for Brownfield assessment and redevelopment under the Green Columbus Fund Program for the site located at 505 East Livingston Ave., in order to assist in the proper assessment and the safe and productive use of the site.
Section 2. That for the purpose as stated in Section 1, the expenditure of $135,300 or so much thereof as may be necessary, is hereby authorized from the Department of Development, Division 44-01, Northland and Other Acquisitions Fund, Fund 735, Project No. 441749-100001, Object Level One 06, Object Level Three 6617, OCA Code 754151.
Section 3. 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 4. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.