Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a grant agreement with the Columbus Center of Entrepreneurial Development (“COED”), an Ohio nonprofit corporation, in an amount of up to $500,000.00, to reimburse for the Phase I architectural, engineering, and other soft costs of the property at 1878-1890 E. Main Street.
COED focuses on improving three major deficiencies within the entrepreneurial ecosystem with a particular focus as it pertains to minority and underserved entrepreneurs. Those issues consist of lack of education, lack of community, and fragmentation of resources. The renovated historic icehouse at 1878-1890 E. Main Street was redeveloped into a multi-use facility containing offices, co-working spaces, retail shops, event space, an amphitheater, café, fitness center, business incubators, as well as technology and vocational training facilities.
CONTRACT COMPLIANCE
Columbus Center of Entrepreneurial Development’s vendor number is 042945 and contract compliance is pending.
FISCAL IMPACTS
Funding in the amount of $500,000.00 is available and appropriated within the Development Taxable Bonds Fund, Fund (7739). An amendment to the 2024 Capital Improvement Budget and a transfer of funds and appropriation within the fund is required to establish sufficient budget authority for the project. The funding will be authorized for expenditure from Fund 7739.
Title
To authorize the Director of the Department of Development to enter into a grant agreement with the Columbus Center of Entrepreneurial Development, an Ohio nonprofit corporation, in an amount of up to $500,000.00 to reimburse for the Phase I architectural, engineering and other soft costs of the property at 1878-1890 E. Main Street that provides training and business incubation assistance; to amend the 2024 Capital Improvement Budget; to authorize the transfer of funds within the Development Taxable Bonds Fund; to authorize the expenditure of $500,000.00 from the Development Taxable Bonds Fund; and to also allow for reimbursements incurred prior to the Purchase Order. ($500,000.00)
Body
WHEREAS, the Columbus Center of Entrepreneurial Development (“COED”) is an Ohio non-profit corporation that seeks to improve deficiencies within the entrepreneurial ecosystem including lack of education, lack of community, and fragmentation of resources; and
WHEREAS, COED is investing in a community center at 1878-1890 E. Main Street that will include training space and a business incubator targeting disadvantaged small businesses, businesses owned by immigrants, refugees, women, people of color, and business owners disadvantaged by other measures; and
WHEREAS, the City seeks to promote jobs training and creating pathways toward economic stability through entrepreneurship; and
WHEREAS, the City is making a commitment of $500,000.00 to provide COED with a capital grant for the Phase I architectural, engineering, and other soft costs of the property at 1878-1890 E. Main Street; and
WHEREAS, it is necessary to authorize an amendment to the 2024 Capital Improvement Budget for the purpose of providing sufficient spending authority for the aforementioned project expenditure; and
WHEREAS, it is necessary for Council to authorize a transfer of funds and appropriation within Fund 7739 (Development Taxable Bonds Fund) to establish sufficient cash to pay for the project; and
WHEREAS, it is necessary to authorize the Director of the Department of Development to enter into a grant agreement with COED for an authorized expenditure in an amount of up to $500,000.00 from Fund 7739 (Development Taxable Bonds Fund); NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the 2024 Capital Improvements Budget authorized by Ordinance No. 1907-2024 be amended as follows to establish sufficient authority for this project:
Fund / Project / Project Name / C.I.B. / Change / C.I.B. as Amended
7739 / P590415-100000 / Economic & Community Development (Unvoted Carryover) / $285,000.00 / ($285,000.00) / $0.00
7739 / P440104-100024 / Strategic Acquisition (Unvoted Carryover) / $2,147,755.00 / ($215,000.00) / $1,932,755.00
7739 / P441790-100000 / Center of Entrepreneurial Development (COED) (Unvoted Carryover) / $0.00 / $500,000.00 / $500,000.00
SECTION 2. That the Director of the Department of Development is authorized to enter into a grant agreement with COED in an amount up to $500,000.00 in support of the Phase I architectural, engineering, and other soft costs of the property at 1878-1890 E. Main Street.
SECTION 3. That the transfer of $285,000.00, or so much thereof as may be needed, is hereby authorized within Fund 7739 (Development Taxable Bonds Fund), from Dept-Div 4402 (Economic Development), Project P590415-100000 (Economic & Community Development), Object Class 06 (Capital Outlay) to Dept-Div 4402 (Economic Development), Project P441790-100000 (Center of Entrepreneurial Development (COED), Object Class 06 (Capital Outlay) per the account codes in the attachment to this ordinance.
SECTION 4. That the transfer of $215,000.00, or so much thereof as may be needed, is hereby authorized within Fund 7739 (Development Taxable Bonds Fund), from Dept-Div 4402 (Economic Development), Project P440104-100024 (Strategic Acquisition), Object Class 06 (Capital Outlay) to Dept-Div 4402 (Economic Development), Project P441790-100000 (Center of Entrepreneurial Development (COED), Object Class 06 (Capital Outlay) per the account codes in the attachment to this ordinance.
SECTION 5. That the expenditure of $500,000.00, or so much thereof as may be needed, is hereby authorized in Fund 7739 (Development Taxable Bonds Fund), Dept-Div 4402 (Economic Development), Project P441790-100000 (Center of Entrepreneurial Development (COED)), 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 this ordinance shall take effect and be in force from and after the earliest period allowed by law.