Explanation
Background: To authorize the Director of the Department of Development to enter into a not for profit service contract with Columbus-Franklin County Finance Authority (“CFCFA”) in the amount of $44,570.00 to reimburse the CFCFA for consulting services related to the financing of public infrastructure improvements benefiting proactive industrial development in and around the former Buckeye Yard intermodal railroad terminal parcels (collectively, the “Buckeye Yard Parcels”). Pursuant to Ordinance No. 3369-2023 passed December 11, 2023, the City, the CFCFA, and owner of the Buckeye Yard Parcels were authorized to enter into a tax increment financing and cooperative agreement (the “2023 Cooperative Agreement”) to finance the aforementioned public infrastructure improvements to attract a manufacturer to relocate to some of the Buckeye Yard Parcels. Due to unforeseen changes in the manufacturers’ industry, it is disinclined to continue pursuing the Buckeye Yard Parcels, and the owner of the Buckeye Yard Parcels has decided to delay proceeding with the redevelopment of the site. However, the CFCFA, on behalf of the City, has already incurred costs related to consulting services performed for the financing of the public infrastructure improvements proposed at the Buckeye Yard Parcels under the 2023 Cooperative Agreement, and the City desires to reimburse those costs occurring on or after the aforementioned ordinance date including those prior to creation of the purchase order.
Contract Compliance
The contract compliance number for Columbus-Franklin County Finance Authority is CC-009436 and expires January 12, 2026.
Fiscal Impact: This legislation authorizes the expenditure of forty four-thousand five-hundred seventy dollars ($44,570.00) from the 2024 General Fund.
Title
To authorize the Director of the Department of Development to enter into a not for profit services contract with the Columbus-Franklin County Finance Authority to reimburse it for p...
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