Explanation
BACKGROUND: This legislation authorizes the Director of Development to modify a not-for-profit service contract with Columbus Downtown Development Corporation with respect to the Downtown Ground Floor Growth Initiative, authorized under Ordinance No. 2661-2023 and amended under Ordinance No. 1206-2024. This modification (Modification 1) will add $500,000.00 to the agreement to enable Ground Floor Growth LLC to continue to operate the Downtown Ground Floor Growth Initiative program. Of this total modification, $50,000.00 will be allotted for Columbus Downtown Development Corporation’s administrative costs.
Original contract amount $1,050,000.00 Ord. 1206-2024 PO448264
Modification No. 1 amount $ 500,000.00
Total contract amount $1,550,000.00
The Downtown Ground Floor Growth Initiative (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.
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. Ground Floor Growth, LLC, whose sole member is the Columbus Downtown Development Corporation (CDDC), will administer the master lease component of the program....
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