Explanation
BACKGROUND:
This legislation authorizes the Director of the Department of Development to enter into contracts with various neighborhood business organizations in the Neighborhood Commercial Revitalization (NCR) Program areas throughout Columbus. The total amount of these contracts is $152,330.
The Neighborhood Economic Development Fund (NEDF) provides a funding source that enables business organizations to develop and implement economic development projects as an additional stimulus for the Neighborhood Commercial Revitalization (NCR) Program. Funded projects must address only NCR district needs and cannot duplicate other available programs/services.
This legislation authorizes the expenditure of $152,330 for the above referenced purpose.
Emergency action is necessary to allow the neighborhood business organizations to provide services to the business community uninterrupted.
FISCAL IMPACT:
Funding for the Neighborhood Economic Development Fund will consist of $152,330 from the 2008 Community Development Block Grant program.
Title
To authorize the Director of the Department of Development to enter into various contracts for the development and strengthening of neighborhood business organizations; to authorize the expenditure of $152,330 from the 2008 Community Development Block Grant Fund; and to declare an emergency. ($152,330)
Body
WHEREAS, the City of Columbus established the Neighborhood Commercial Revitalization (NCR) Program in 1981; and
WHEREAS, the Department of Development wishes to provide a funding source, as an additional stimulus to the NCR program, to enable business organizations to develop and implement economic development projects; and
WHEREAS, additional support to neighborhood business groups is necessary to expand their scope of promotional, organizational and business investment in the NCR areas; and
WHEREAS, active neighborhood business organizations can encourage private investment...
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