City of Columbus - File #: 2661-2023

• File #: 2661-2023
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 9/15/2023
• In control: Small & Minority Business Committee
• On agenda: 10/16/2023
• Final action: 10/19/2023
• Title: To amend the 2023 Capital Improvement Budget; to authorize the City Auditor to transfer funds within the Taxable Bond Fund; to authorize the Director of the Department of Development to enter into a Capital Contribution Agreements with Columbus Downtown Development Corporation (CDDC) in an amount up to $550,000.00 for the property renovation portion of the Downtown Ground Floor Growth Initiative; to authorize the advance of funds to CDDC per the agreement schedule; to authorize the modification of Capital Contribution Agreements, up to the amount of funds on the ACPO; to authorize the expenditure of up to $500,000.00 from the Taxable Bond Fund; to authorize the appropriation and expenditure of up to $50,000.00 from the General Fund Job Growth subfund. ($550,000.00)
• Sponsors: Nicholas Bankston

Date	Ver.	Action By	Action	Result
10/19/2023	2	CITY CLERK	Attest
10/18/2023	2	MAYOR	Signed
10/16/2023	2	COUNCIL PRESIDENT	Signed
10/16/2023	1	Columbus City Council	Amended as submitted to the Clerk	Pass
10/16/2023	1	Columbus City Council	Approved as Amended	Pass
10/9/2023	1	Columbus City Council	Read for the First Time

Explanation
This legislation authorizes the Director of the Department of Development to enter into a Capital Contribution Agreements with Columbus Downtown Development Corporation (CDDC) in an amount up to $550,000.00 for the property renovation portion of the Downtown Ground Floor Growth Initiative.

The Downtown Ground Floor Growth Initiative (Program) (formally called the Downtown Commercial Marketplace Program) is a small business program that seeks to achieve multiple goals through one comprehensive program. The Program includes:

· Providing downtown storefront space for small, local businesses who are oriented towards walk in customers (such as retail or restaurant businesses).
· Providing a master lease holder to: 1) sublease to small, local businesses in a way that promotes their growth and gives them a safe place to land, and 2) rent vacant properties downtown and guarantee stability for the property owners of those spaces.
· Providing technical assistance to the Program participants so that the businesses renting the downtown storefronts can grow and succeed.
· Provide funds for the renovation of properties rented as part of the Program.

This Program is designed to decrease vacancy downtown; promote small, local businesses; and promote the amenities of downtown as a neighborhood for Columbus residents living and working inside and outside of downtown.

Capital funds in an amount up to $1,000,000.00, approved within the 2023 Capital Improvement Budget, will be used to renovate spaces selected for the Ground Floor Growth Initiative. This Ordinance represents $500,000.00 of the full commitment. Property owners and program participants will contribute to the planning of and investment in the selected spaces. The City will partner with CDDC to implement part of this Program and this legislation is one of multiple pieces of legislation being put forth for this Program. The City is also partnering with Columbus Compact Corporation (Ordinance 2044-2023) t...