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 $1,000,000 with Columbus Next Generation Corporation for the purpose of developing a real estate strategy to purchase/acquire key urban real property assets in targeted central city areas in coordination with Mayoral redevelopment goals.
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 develop a real estate strategy and purchase/acquire key urban real property assets in targeted central city areas; to authorize the expenditure of $1,000,000.00 from the Development Taxable Bond Fund; and to declare an emergency. ($1,000,000.00)
Body
WHEREAS, Ordinance 1968-2012, passed by City Council on October 10, 2012, authorized the Mayor of the City of Columbus to create and establish a nonprofit corporation to advance, encourage and promote industrial, economic and commercial development as well as eliminate blight and create jobs; and
WHEREAS, the City registered with the Ohio Secretary of State to create the Columbus Next Generation Corporation on October 10, 2012; and
WHEREAS, Columbus Next Generation Corporation performs a variety of services to advance economic devel...
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