Explanation
Background: To authorize the Director of the Department of Development to enter into a grant agreement with Columbus-Franklin County Finance Authority (CFCFA) in the amount of $1,000,000.00 to administer a pilot program that will provide funding support to small-scale development projects for public improvements.
Small-scale development projects that rehabilitate vacant/underutilized properties are often burdened by unanticipated City-mandated public improvement requirements. The costs associated with these improvements can sometimes impose such a significant burden on a project budget that it can become unfeasible. These small-scale investments are important to revitalizing the City’s commercial corridors and serving as catalysts for continued private investment.
To promote advancement towards City equity goals associated with business climate and neighborhood building, the City would like to support these types of projects by providing funding to the Columbus-Franklin County Finance Authority (“CFCFA”) for the administration of a neighborhood public improvements pilot program that will provide funding assistance to small-scale development projects with costs associated with unanticipated City-mandated public improvements.
Grant funding will be advanced to CFCFA to fund the pilot program.
Fiscal Impact: Funding in the amount of $1,000,000.00 is available through the Department of Development’s 2023 Capital Improvement Budget within the Development Taxable Bonds Fund, Fund 7739. An amendment to the 2023 Capital Improvements Budget and a transfer of funds is required to establish sufficient budget authority for the program. The funding will need to be authorized for expenditure from Fund 7739.
CONTRACT COMPLIANCE: The vendor number is 009436 and expires January 12, 2026.
Title
To amend the 2023 Capital Improvements Budget; to authorize the transfer of funds within the Development Taxable Bonds Fund; to authorize the Director of the Departmen...
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