Explanation
BACKGROUND: On October 3, 2012, City Council passed Ordinance Number 1968-2012 which established a nonprofit development corporation, 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 $290,000 for administrative purposes with the Columbus Next Generation Corporation to ensure the purchasing and acquiring of key urban real property assets in targeted central city areas to advance industrial, economic and commercial development in the City of Columbus.
Emergency action is requested to continue to provide administrative assistance in 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 $290,000, for administration of the Columbus Next Generation Corporation, from two subfunds of the 2018 General Fund Budget.
Title
To authorize the Director of the Department of Development to enter into an administrative contract with the Columbus Next Generation Corporation for the purpose of purchasing/acquiring and developing key urban real property assets in targeted central city areas; to authorize the appropriation of $40,000.00 in the Job Growth Subfund of the General Fund; to authorize the expenditure of $290,000.00 from the 2018 General Fund Budget; and to declare an emergency. ($290,000.00)
Body
WHEREAS, Ordinance Number 1968-2012, passed by Columbus 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
WHEREA...
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