Explanation
BACKGROUND:
The Columbus Urban Growth Corporation, formed in 1996, is a private non-profit real estate development organization whose mission is to stimulate economic improvements through commercial, industrial and residential development. Urban Growth redevelopment projects lead to new job opportunities and assist private developers and non-profit organizations with projects within the core central city. Urban Growth is currently working on the following redevelopment projects: Northland Mall Redevelopment Project, West Edge Business Center, Four Corners Redevelopment Project, Taylor Homes Redevelopment Project, the Goudy Field Redevelopment Project and the South Parsons Redevelopment Project.
This legislation is for administrative costs for the organization to continue the above redevelopment projects.
FISCAL IMPACT:
$375,062.00 is included in the Department's 2008 budget for the contract with the Columbus Urban Growth Corporation and its affiliated CDC. $172,000 is budgeted within the General Fund and $203,062 is budgeted within the CDBG Fund.
Emergency action is requested so that the contracts with the Columbus Urban Growth Corporation can be executed immediately. This will allow implementation of the organization's economic development projects to continue uninterrupted and for essential staff to be retained.
Title
To authorize the Director of the Department of Development to enter into contracts with the Columbus Urban Growth Corporation; to authorize the expenditure of $172,000 from the General Fund; to authorize the expenditure of $203,062 from the Community Development Block Grant Fund; and to declare an emergency. ($375,062.00).
Body
WHEREAS, the development of the central city is an objective of the Department of Development and in the best interest of the City as a whole; and
WHEREAS, the Columbus Urban Growth Corporation was organized to increase the commercial and industrial development activiti...
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