Explanation
BACKGROUND
The City owns and leases to the North Market Development Authority, Inc., an Ohio nonprofit corporation (NMDA, hereinafter the “Grantee”) a longstanding public market on Franklin County Auditor Tax Parcel No. 010-054645 that is an incubator and innovator of small businesses while providing the residents and visitors local products and cultural vibrancy (the “North Market”). Construction activities began in the autumn of 2023 on the adjacent parcels of the Grantee’s previously leased parking lot. In accordance with Ordinance No. 2137-2023, the Director of the Department of Development entered into the Grant Agreement dated December 12, 2023 (the “Agreement”) with the Grantee for the advancement and reimbursement of funds for the Grantee’s daily operation of the North Market during calendar years 2023, 2024, and 2025 including operations incurred prior to any purchase order for this grant. That ordinance contemplated the Department of Development would, pursuant to the Agreement, submit for City Council consideration all necessary legislation to authorize grants not to exceed the amount of nine hundred fifty thousand dollars ($950,000.00) to be distributed over the course of three (3) consecutive budget years to help mitigate the business disruption to the North Market and the small businesses operating there during calendar years 2023, 2024, and 2025. Four hundred seventy-five thousand dollars ($475,000.00) was dispersed from the 2023 budget under Ordinance No. 2137-2023, three hundred fifty thousand dollars ($350,000.00) was dispersed from the 2024 budget under Ordinance No. 0804-2024. Up to one hundred twenty-five thousand dollars ($125,000.00) was to be dispersed under to the 2025 budget, but the Grantee has demonstrated an additional operational gap above $950,000.000 and has requested another three hundred seventy-five thousand dollars ($375,000.00) in addition to the $125,000.00 for a total of five hundred thousand dollars ($500,000.00...
Click here for full text