Explanation
BACKGROUND: This ordinance authorizes the Finance and Management Director to modify a not-for-profit service contract with the Columbus Region Green Fund to amend the Scope of Services by expanding the financing services provided and to extend the contract until funds are expended.
The Columbus Region Green Fund (“The Fund”) is a 501(c)(3) nonprofit and dedicated finance entity that uses innovative financing techniques to connect clean energy and energy efficiency projects in the Columbus Region with low-cost capital.
The Fund supports growth of the clean energy and energy efficiency industry by providing access to commercial, public and philanthropic capital to finance energy projects that would otherwise struggle to secure capital. Additional financing services that help secure capital for clean energy generation and storage assets and energy efficiency improvements for both residential and commercial projects will include but are not limited to clean energy technology solutions, clean energy storage solutions (including battery storage), energy efficient improvements in new construction and retrofit projects, and high energy efficient improvements in new construction and retrofit projects.
No additional funds shall be expended under this modification. The addition of these financing services will best position community sustainability impact in a rapidly shifting Federal environment that has new priorities and limited funding availability, which was not anticipated at the time of the contract award. The Fund was created to be an innovative and impactful energy financing organization, and it is in the best interest of the City and our community to efficiently evolve the offerings of the Fund to position Columbus for success and economic prosperity. These additional services align with current community projects that would be cost prohibitive or unavailable elsewhere.
The City released its first-ever Columbus Climate Action Plan, our community roadm...
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