Explanation
BACKGROUND: On December 16, 2013, City Council passed Ordinance 2971-2013 which made capital funds available for property acquisition in East Franklinton by the City’s Land Redevelopment Office and allowed the conveyance of the properties to Columbus Next Generation Corporation, a non-profit corporation. The funds were used to purchase several vacant parcels, some of which are pending Requests for Development Proposals for redevelopment. This ordinance authorizes an agreement that will allow the Columbus Next Generation Corporation to partner with the Franklinton Development Association to renovate commercial structures acquired by the City to make them ready for redevelopment. The organizations will lease the buildings for users that further the goals of the East Franklinton Creative Community Plan, such as art, gallery, maker, and similar office uses and allows the City to retain long term control under its non-profit partners.
Emergency action is necessary to allow Columbus Next Generation Corporation 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 funds within the Capital Improvement Budget in Fund 7735, Northland and Other Acquisitions.
Title
To authorize the Director of the Department of Development to enter into a funding agreement with Columbus Next Generation Corporation to develop key urban real property assets in the East Franklinton target area; to authorize the expenditure of $560,493.00 from the Northland and Other Acquisitions Fund; and to declare an emergency. ($560,493.00)
Body
WHEREAS, Ordinance 1968-2012, passed by City Council on October 10, 2012, authorized the Mayor of the City of Columbus to create and establish a nonprofit corporation to advance, encourage and promote industrial, economic and commercial development as well as eliminate blight and create jobs; and
WHEREAS, the City ...
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