Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to modify two (2) Empowerment Zone (EZ) grant-funded contracts with the Columbus Compact Corporation by reducing the contract amounts. Contract #DL007854, EZ Economic Opportunity, has an unexpended balance of $528,813.24 and will be decreased by $12,000, resulting in a new unexpended balance of $516,813.24. Contract #DL007816, EZ Neighborhood Life, has an unexpended balance of $62,216.07 and will be reduced by $60,216.07 to a new unexpended balance of $2,000.00. A portion of these unexpended balances will be cancelled from the A/Cs.
In companion legislation, the $72,216.07 made available by these reductions will be used to increase allocations to EZ Administration contract #DL012779.
The Columbus Compact Corporation is the governing body and implementation agent for the Columbus Empowerment Zone that was awarded a ten-year designation by the Federal Department of Housing and Urban Development for revitalization of a 14 square mile section of Central City Columbus.
This legislation is presented as an emergency to allow the Columbus Compact Corporation to continue on-going EZ grant-funded programs without interruption.
FISCAL IMPACT: No funding is required for this legislation. Funds made available by these contract modifications will be reallocated to EZ Administration in companion legislation 1946-2008.
Title
To authorize the Director of Development to modify two (2) Empowerment Zone grant-funded contracts with the Columbus Compact Corporation by decreasing the contract amounts; and to declare an emergency.
Body
WHEREAS, the Director of the Department of Development desires to modify two (2) Empowerment Zone grant-funded contracts with the Columbus Compact Corporation by decreasing the contract amounts. The contracts are Economic Opportunity Initiative - contract #DL007854 for the EZ Finance and the Land Acquisition programs; and...
Click here for full text