Explanation
BACKGROUND: This ordinance appropriates and transfers $250,000 within the General Permanent Improvements Fund, authorizes the expenditure of $250,000 from that fund, and authorizes and directs the Director of Development to enter into contract with Finance Fund to provide administrative services to support implementation of the Façade Improvement Grant Fund. Based on Columbus City Council’s efforts to promote small businesses, the Façade Improvement Grant Fund will provide dollars for small business façade improvements in Neighborhood Commercial Revitalization (“NCR”) areas which include Franklinton, Hilltop, Main Street, Parsons Avenue, Long Street/Mount Vernon, Main Street and North/South Linden.
This incentive program aims to help small, independent businesses cover the cost of signage, awnings, and other basic exterior improvements. The grants can be used for exterior front façade renovation only and those improvements must be attached to the building. Projects may include one or several improvement elements such as signage, awnings, façade painting, window/door replacement and exterior lighting.
Finance Fund will work with the Neighborhood Design Center as the designated organization for intake and evaluation of interior improvements needed for businesses in the NCR Areas. The services to be provided by Finance Fund shall include program design, marketing, program infrastructure, intake process, credit underwriting, closing, compliance, reporting, accounting, fiscal support, maintenance and servicing.
Finance Fund, established in 1987, connects Ohio’s underserved communities with public and private sources of capital. It simplifies the complexities of the funding process and manages the flow of millions of public and private dollars to help good ideas come to life. These are ideas that change systems, create jobs, address community needs and improve the quality of life. The Finance Fund funding programs include predevelopment and economi...
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