Explanation
BACKGROUND: The "Mile on High" Program was created in 2008 to assist with retail attraction, building revitalization efforts and job creation in the core Downtown Columbus area. The "Mile on High" area is bordered on the north by Vine Street, on the east by 3rd Street with jogs to 4th Street and then returning to 3rd Street, on the south by the inner belt and on the west by Front Street. The area includes some 75 individual structures some of which have multiple store front retail establishments. Many of these structures are vacant and in need of major/minor repair.
One goal of the "Mile on High" Program is to attract retail businesses to the Downtown core. In order to accomplish this goal the Economic Development Division is creating a Downtown Façade Improvement Grant Program to encourage rehabilitation of commercial properties located in the "Mile on High" area. Retail businesses will be eligible to receive a grant to assist in the rehabilitation of the building façade.
This legislation authorizes the appropriation and expenditure of $100,000 from the Urban Site Acquisition Fund to provide funds for the Downtown Façade Improvement Grant under the "Mile on High" Program.
This legislation is submitted as an emergency measure to allow "Mile on High" retail businesses to take advantage of the grant program in a timely manner. Thirty-day legislation would delay the implementation of the grant program until March of 2010.
FISCAL IMPACT: The $100,000 for the Downtown Façade Improvement Grant Program will come from the Urban Site Acquisition Fund. This legislation will authorize the transfer, appropriation and expenditure of funds.
Title
To authorize the transfer of $100,000 between subfunds within the Urban Site Acquisition Loan Fund; to authorize the appropriation of $100,000 within the Urban Site Acquisition Loan Fund to the Department of Development; to authorize the expenditure of $100,000 from the Urban Site Acquisition Loan ...
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