Explanation
BACKGROUND:On October 3, 2012, City Council passed Ordinance 1968-2012 which established a nonprofit development corporation, 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. Ordinance 1929-2015, approved by Columbus City Council on October 5, 2015 authorized the Director of Development to enter into an agreement with Columbus Next Generation Corporation in the amount of $750,000 for the purpose of purchasing and acquiring key urban real property assets in targeted central city areas to advance industrial, economic and commercial development in the City of Columbus.
This Ordinance authorizes the Director of Development to amend the existing contract for the purposes of extending the contract period to October 31, 2017 and to authorize the expenditure of $2,250,000 from the 2016 Capital Improvement Budget.
Emergency action is requested 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 $2,250,000 from the Development Taxable Bond Fund.
Title
To authorize the Director of Development to modify and extend the contract with Next Generation Development Corporation; to authorize the expenditure of $2,250,000.00 from the 2016 Capital Improvement Budget; and to declare an emergency. ($2,250,000.00)
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, Columbus Next Generation Corporation perfor...
Click here for full text