Explanation
BACKGROUND: This legislation authorizes the Department of Development to enter into loan and grant agreements with Campus Partners for Community Urban Redevelopment (Campus Partners)to facilitate a phase II environmental assessment of the former Columbus Coated Fabrics site.
Last February Campus Partners entered into a contract to purchase the Columbus Coated Fabrics site from its bankrupt owner, Decorative Surfaces International, Inc. (DSI). The Columbus Coated Fabrics site has been used for industrial purposes for more than 100 years, utilizing a myriad of hazardous substances. In order for Campus Partners and the city to determine if the site is economically viable for redevelopment, they must first determine the cost to remediate the hazardous waste and other environmental issues, as well as the cost to demolish the existing buildings. This assessment will permit the City and Campus Partners to make a much more informed decision in August on whether to close on this troubled property. At a minimum, the assessment will provide a clear understanding of the types and extent of contamination, the required levels of environmental remediation, cost of environmental remediation and, we hope, a better understanding of the site's redevelopment potential. Even if the City and Campus Partners choose not to close and acquire the site in August, the environmental data will inform future decisions when resources may be available or the redevelopment potential is greater.
FISCAL IMPACT: The funding for the loan and grant agreements will come from three different sources, $50,000 from the Jobs Growth Fund and $75,000 from the Public Safety Initiatives Fund as grants and $125,000 from the Urban Site Acquisition Loan Fund for a loan. This legislation authorizes the appropriation and expenditure of $50,000 from the Jobs Growth Fund, $75,000 from the Public Safety Initiatives Fund, and $125,000 from the Urban Site Acquisition Loan Fund for the agreements with Campus Partners. Repayment of the USAL loan will be predicated on Campus Partners acquiring the site and redeveloping the site in a manner which will provide funds for the repayment of the loan.
Title
To authorize the appropriation of $50,000 within the Jobs Growth Fund, $75,000 within the Public Safety Initiatives Fund, and $125,000 within the Urban Site Acquisition Loan Fund to the Department of Development; to authorize the Director of the Department of Development to enter into loan and grant agreements with Campus Partners for Community Urban Redevelopment; to authorize the expenditure of $50,000 from the Jobs Growth Fund; $75,000 from the Public Safety Initiatives Fund, and $125,000 from the Urban Site Acquisition Loan Fund; and to declare an emergency. ($250,000)
Body
WHEREAS, this legislation authorizes the Department of Development to enter into loan and grant agreements with Campus Partners for Community Urban Redevelopment (Campus Partners) to facilitate a phase II environmental assessment of the former Columbus Coated Fabrics site; and
WHEREAS, last February Campus Partners entered into a contract to purchase the Columbus Coated Fabrics site from its bankrupt owner, Decorative Surfaces International, Inc. (DSI); and
WHEREAS, in order for Campus Partners and the City to determine if the site is economically viable for redevelopment, they must first determine the cost to remediate the hazardous waste and other environmental issues, as well as the cost to demolish the existing buildings; and
WHEREAS, this assessment will permit the City and Campus Partners to make a much more informed decision in August on whether to close on this troubled property; and
WHEREAS, at a minimum, the assessment will provide a clear understanding of the types and extent of contamination, the required levels of environmental remediation, cost of environmental remediation and, we hope, a better understanding of the site's redevelopment potential; and
WHEREAS, even if the City and Campus Partners choose not to close and acquire the site in August, the environmental data will inform future decisions when resources may be available or the redevelopment potential is greater; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, in that it is immediately necessary to appropriate said funds and to authorize the Director of the Department of Development to enter into loan and grant agreements with Campus Partners for Community Urban Redevelopment, all for the immediate preservation of 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 City Auditor be and is hereby authorized and directed to appropriate $50,000 from the Jobs Growth Fund, Fund 015 to the Department of Development, Economic Development Division, Division 44-02, Object Level One 05, Object Level Three 5519, OCA Code 440215.
Section 2. That the City Auditor be and is hereby authorized and directed to appropriate $75,000 from the Public Safety Initiatives Fund, Fund 016 to the Department of Development, Economic Development Division, Division 44-02, Object Level One 05, Object Level Three 5519, OCA Code 440216.
Section 3. That the City Auditor be and is hereby authorized and directed to appropriate $125,000 from the Urban Site Acquisition Loan Fund, Fund 292, Subfund 007 to the Department of Development, Economic Development Division, Division 44-02, Object Level One 05, Object Level Three 5528, OCA Code 292007.
Section 4. That the Director of the Department of Development is hereby authorized to enter into loan and grant agreements with Campus Partners for Community Urban Redevelopment, providing a loan of the Urban Site Acquisition Loan Fund monies with repayment conditioned on Campus Partners acquiring the former Columbus Coated Fabrics site and redeveloping it in a manner that will provide funds for the repayment of the loan and providing a grant from the Jobs Growth Fund monies, all to facilitate a phase II environmental assessment of that site.
Section 5. That for the purpose stated in Section 4 the expenditure of $50,000 or so much thereof as may be necessary, be and is hereby authorized to be expended from the Jobs Growth Fund, Department of Development, Economic Development Division, Division 44-02, Fund 015, Object Level One 05, Object Level Three 5519, OCA Code 440215.
Section 6. That for the purpose stated in Section 4 the expenditure of $75,000 or so much thereof as may be necessary, be and is hereby authorized to be expended from the Public Safety Initiatives Fund, Department of Development, Economic Development Division, Division 44-02, Fund 016, Object Level One 05, Object Level Three 5519, OCA Code 440216.
Section 7. That for the purpose stated in Section 4 the expenditure of $125,000 or so much thereof as may be necessary, be and is hereby authorized to be expended from the Urban Site Acquisition Loan Fund , Department of Development, Economic Development Division, Division 44-02, Fund 292, Subfund 007 Object Level One 05, Object Level Three 5528, OCA Code 292007.
Section 8. That for 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.