Explanation
Brief Description: To authorize the Director of the Department of Development to enter into a grant agreement with Columbus-Franklin County Finance Authority to provide funding for urban redevelopment projects.
Background: The City will enter into a grant agreement with Columbus-Franklin County Finance Authority (“CFCFA”) in the amount of $1,000,000 in order to provide gap financing for urban redevelopment projects within the City of Columbus.
The CFCFA program will provide funding for projects within the urban core and adjacent neighborhoods within the City in order to facilitate these projects that will assist in the revitalization of properties and the urban core of the city as a whole. The long term goal of this fund is to enable the CFCFA to help fill funding gaps for the redevelopment of smaller scale projects in traditional neighborhood corridors. These redevelopment projects many times encounter issues with older buildings that have amplified costs to bring up to current code and safety standards. This fund will allow CFCFA to provide flexible funding to fill these cost gaps for targeted projects in the City.
Fiscal Impact: This legislation authorizes the expenditure of $1,000,000 from the Development Taxable Bond Fund.
Emergency Justification: Emergency legislation is required to allow for immediate execution of the grant agreement, which is necessary to facilitate the execution of the contract so that CFCFA is able to issue funding for urban redevelopment projects.
Title
To authorize the Director of the Department of Development to enter into a grant agreement with Columbus-Franklin County Finance Authority to provide funding for urban redevelopment projects; to authorize the expenditure of $1,000,000.00 from the Development Taxable Bond Fund; and to declare an emergency.
Body
WHEREAS, the City will enter into a grant agreement in the amount of $1,000,000 with CFCFA in order to provide gap financing for urban redevelopment projects with...
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