Explanation
Background: To authorize the Director of the Department of Development to enter into a grant agreement in the amount of $1,200,000.00 with Columbus-Franklin County Finance Authority (CFCFA) to provide gap funding for urban redevelopment projects.
The CFCFA will provide gap funding for projects within the City of Columbus’ urban core and adjacent neighborhoods in order to facilitate projects that will assist in the revitalization of properties. The CFCFA will help fill funding gaps for the redevelopment of smaller scale projects in traditional neighborhood corridors. Urban redevelopment projects often encounter issues not experienced by new build projects or projects not built on undeveloped land (e.g. older buildings having amplified costs to bring it up to current code and safety standards).
Fiscal Impact: Funding in the amount of $1,200,000.00 is available within the Development Taxable Bonds Fund, Fund 7739. A transfer of funds is required to establish sufficient authority for the program. The funding will need to be authorized for expenditure from Fund 7739.
Title
To authorize the transfer of funds within the Development Taxable Bonds Fund; to authorize the Director of the Department of Development to enter into a grant agreement with Columbus-Franklin County Finance Authority to provide funding for urban redevelopment projects; and to authorize the expenditure of $1,200,000.00 from the Development Taxable Bonds Fund. ($1,200,000.00)
Body
WHEREAS, the Columbus-Franklin County Finance Authority (“CFCFA”) will provide gap funding for urban redevelopment projects that will assist in the revitalization of properties within the City’s urban core and adjacent neighborhoods; and
WHEREAS, the City will enter into a grant agreement in the amount of $1,200,000.00 with the CFCFA in order to provide gap funding for urban redevelopment projects within the City of Columbus; and
WHEREAS, the CFCFA will work directly with the City in order to deter...
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