Explanation
BACKGROUND: On October 3, 2012, City Council passed Ordinance 1968-2012 which established a nonprofit development corporation, later named the 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.
This ordinance authorizes a contract in the amount of $450,000 with Columbus Next Generation Corporation for the purpose of providing support for services which advance economic development initiatives in specific areas of the City of Columbus.
Ordinances 0664-2013 ($500,000), 0641-2014 ($500,000) and 0867-2015 ($450,000) authorized contracts with Columbus Next Generation Corporation for administrative costs. Funding for those contracts was allocated from the General Fund and the CDBG Fund. Ordinance 1929-2015 provided $750,000 in capital funds to acquire urban real property assets in targeted central city areas. Ordinance 0891-2014 authorized the expenditure of $1,000,000 in capital funds for property acquisition by Columbus Next Generation Corporation. In addition, Ordinance 2971-2013 made $1,000,000 in capital funds available for property acquisition in East Franklinton.
Emergency action is requested to continue to provide support for services which advance economic development initiatives in specific areas of the City of Columbus.
FISCAL IMPACT: This legislation authorizes the expenditure of $450,000 from the 2016 General Fund Budget.
Title
To authorize the Director of the Department of Development to enter into contract with Columbus Next Generation Corporation to provide support for services which advance economic development initiatives in specific areas of the City of Columbus; to authorize the expenditure of $450,000.00 from the General Fund; and to declare an emergency. ...
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