Explanation
BACKGROUND:
City Council amended the 2005 budget to create a $2 million Job Growth Initiatives Fund. The Columbus Urban Growth Corporation has created over 100 jobs within the past 4 years and has the ability to create additional jobs as a result of the numerous economic development projects now underway a through their organization.
The need exists to enter into an administrative contract with the Columbus Urban Growth Corporation for the purpose of increasing commercial and industrial development activities, primarily within the core central city, thereby creating new jobs in the City of Columbus.
Emergency action is requested so that the contract with the Columbus Urban Growth Corporation can be executed immediately. This will allow implementation of the organization's economic development projects to continue uninterrupted and for essential staff to be retained.
FISCAL IMPACT:
The funding for this contract will come from $172,000 for this contract will be transferred from the $2 million Job Growth Initiatives Fund. In 2004, $172,000 was allocated to the Columbus Urban Growth Corporation for administrative costs. This legislation will allocate $172,000 for administrative costs from March 1, 2005 through February 28, 2006.
Title
To authorize the appropriation of transfer of $172,000 from the Department of Finance to the Development Department within the Jobs Growth Fund; to authorize the Director of the Department of Development to enter into a contract with the Columbus Urban Growth Corporation; to authorize the expenditure of $172,000 from the General Fund Jobs Growth Fund. ; and to declare an emergency. ($172,000.00).
Body
WHEREAS, the development of the central city is an objective of the Department of Development and in the best interest of the City as a whole; and
WHEREAS, the Columbus Urban Growth Corporation was organized to increase the commercial and industrial development activities and investm...
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