Explanation
BACKGROUND: On October 3, 2012, City Council passed Ordinance 1968-2012 which established a nonprofit development corporation, 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 an agreement in the amount of $750,000 with Columbus Next Generation Corporation for the purpose of purchasing and acquiring 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) and 0867-2015 ($450,000) authorized contracts with Columbus Next Generation Corporation for administrative costs. Funding for those contracts was allocated from the General Fund and the CDBG Fund. Ordinance 0891-2014 authorized the expenditure of $1,000,000 in capital funds for property acquisition by Columbus Next Generation Corporation. In addition, Ordinance 2971-2013 made $1,000,000 in capital funds available for property acquisition in East Franklinton.
Emergency action is requested to begin the purchase of properties as soon as possible in order to facilitate the redevelopment of key urban areas.
FISCAL IMPACT: This legislation authorizes the expenditure of funds within the Capital Improvement Budget in Fund 739, Development Taxable Bonds.
Title
To authorize the Director of the Department of Development to enter into a funding agreement with Columbus Next Generation Corporation to purchase/acquire and develop key urban real property assets in targeted central city areas; to authorize the expenditure of $750,000.00 from the Development Taxable Bond Fund; and to declare an emergency. ($750,000.00)
Body
WHEREAS, Ordinance 1968-2012, passed by Cit...
Click here for full text