Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a grant agreement with the Columbus Center of Entrepreneurial Development (“COED”), an Ohio nonprofit corporation, in an amount of up to $500,000.00, to reimburse for the Phase I architectural, engineering, and other soft costs of the property at 1878-1890 E. Main Street.
COED focuses on improving three major deficiencies within the entrepreneurial ecosystem with a particular focus as it pertains to minority and underserved entrepreneurs. Those issues consist of lack of education, lack of community, and fragmentation of resources. The renovated historic icehouse at 1878-1890 E. Main Street was redeveloped into a multi-use facility containing offices, co-working spaces, retail shops, event space, an amphitheater, café, fitness center, business incubators, as well as technology and vocational training facilities.
CONTRACT COMPLIANCE
Columbus Center of Entrepreneurial Development’s vendor number is 042945 and contract compliance is pending.
FISCAL IMPACTS
Funding in the amount of $500,000.00 is available and appropriated within the Development Taxable Bonds Fund, Fund (7739). An amendment to the 2024 Capital Improvement Budget and a transfer of funds and appropriation within the fund is required to establish sufficient budget authority for the project. The funding will be authorized for expenditure from Fund 7739.
Title
To authorize the Director of the Department of Development to enter into a grant agreement with the Columbus Center of Entrepreneurial Development, an Ohio nonprofit corporation, in an amount of up to $500,000.00 to reimburse for the Phase I architectural, engineering and other soft costs of the property at 1878-1890 E. Main Street that provides training and business incubation assistance; to amend the 2024 Capital Improvement Budget; to authorize the transfer of funds within the Development Taxable Bonds Fund; to authorize th...
Click here for full text