Explanation
BACKGROUND: On October 3, 2012, City Council passed Ordinance Number 1968-2012 which established a nonprofit development corporation, the Columbus Next Generation Corporation, for the purpose of advancing, encouraging and promoting industrial, economic and commercial development in the City of Columbus and named the City of Columbus as the sole member of the entity. This corporation is charged with eliminating blight and creating job opportunities as well.
This ordinance authorizes a contract in the amount of $450,000 with the Columbus Next Generation Corporation to ensure the purchasing and acquisition of key urban real property assets in targeted central city areas to advance industrial, economic and commercial development in the City of Columbus.
Ordinances 0664-2013 ($500,000), 0641-2014 ($500,000), 0867-2015 ($450,000) and 1332-2016 authorized contracts with the Columbus Next Generation Corporation for administrative costs. Funding for those contracts were allocated from the General Fund and the CDBG Fund. Ordinance Number 1929-2015 authorized the expenditure of $750,000 from the Development Taxable Bond Fund. Ordinance Number 2227-2016 amended Ordinance Number 1929-2015 and authorized the expenditure of $2,250,000 from the Development Taxable Bond Fund and extended the contract period. The total contract amount was $3,000,000 for the acquisition of real estate and related activities. Ordinance Number 1564-2016 authorized the expenditure of $560,493 from the capital fund for the purpose of renovating commercial structures within the Franklin Creative Community District. Ordinance Number 0891-2014 authorized the expenditure of $1,000,000 in capital funds for property acquisition by the Columbus Next Generation Corporation. In addition, Ordinance Number 2971-2013 made $1,000,000 in capital funds available for property acquisition in East Franklinton.
Emergency action is requested to continue to provide administrative assistance in the pur...
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