Explanation
BACKGROUND: The City owns and leases a longstanding public market on Franklin County Auditor Tax Parcel No. 010-054645 (the “North Market”) to the North Market Development Authority, Inc., an Ohio nonprofit corporation (NMDA, hereinafter the “Grantee”). The North Market is an incubator and innovator of small businesses providing residents and visitors with local products and cultural vibrancy. Construction activities on the adjacent parcels of the North Market’s parking lot (the “Merchant Building”) began in the autumn of 2023. In accordance with Ordinance Nos. 2137-2023, 0804-2024, and 2777-2025, the Director of the Department of Development entered into with the Grantee the Grant Agreement dated December 12, 2023, as amended by Amendment No. 1 to Grant Agreement dated November 6, 2025, for the advancement and reimbursement of funds for the Grantee’s operation of the North Market to help mitigate the business disruption to the North Market and the small businesses operating there during calendar years 2023, 2024, and 2025 caused by the Merchant Building construction. As the contractual completion date was scheduled to be September 28, 2026 for the Merchant Building, but the current projected substantial completion date is May 3, 2027 for the Merchant Building, the Grantee has requested up to one hundred twenty-five thousand dollars ($125,000.00) for calendar year 2026. This ordinance authorizes the transfer and expenditure of up to $125,000.00 from the General Fund for the new grant. This ordinance also authorizes the Director of the Department of Development to enter into a new grant agreement with the Grantee.
CONTRACT COMPLIANCE
The contract compliance number for North Market Development Authority, Inc. is 034112 and contract compliance expires 10/22/27.
FISCAL IMPACTS
This legislation authorizes the transfer within and the expenditure of one hundred twenty-five thousand dollars ($125,000.00) from the 2026 General Fund.
Title
To authorize th...
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