Explanation
BACKGROUND:
This ordinance authorizes the Director of Development to enter into contract with Columbus Next Generation Corporation in an amount up to $4,350,000 for the purpose of purchasing renovating and or constructing urban real property assets in targeted central city areas to advance economic and community development initiatives.
On October 3, 2012, City Council passed Ordinance 1968-2012 which established a nonprofit development corporation, Columbus Next Generation Corporation, for the purpose of advancing, encouraging and promoting industrial, economic and commercial development in the City of Columbus and named the City of Columbus as the sole member of the entity. This corporation is charged with eliminating blight and creating job opportunities as well.
EMERGENCY: Emergency action is requested to begin the purchase of properties as soon as possible in order to facilitate the redevelopment of key urban areas.
FISCAL IMPACT: This legislation authorizes the expenditure of $4,350,000 from Fund 7739, Development Taxable Bond Fund and Fund 7790, Neighborhood Partnerships Capital Fund.
CONTRACT COMPLIANCE: The vendor’s contract compliance number is 462621229 and expires on 5/30/2020.
Title
To authorize an appropriation of $2,500,000.00 from the Neighborhood Partnerships Capital Fund; to authorize the transfer of appropriation within the Development Taxable Bond fund; to authorize the Director of Development to enter into contract with Columbus Next Generation Corporation to purchase, renovate or construct real property assets in targeted central city areas to advance economic and community development initiatives; to authorize the expenditure of $4,350,000.00 from the Development Taxable Bond Fund and the Neighborhood Partnerships Capital Fund; and to declare an emergency. ($4,350,000.00)
Body
WHEREAS, Ordinance 1968-2012, passed by City Council on October 10, 2012, authorized the Mayor of the City of Columbus to create and estab...
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