Explanation
Background: To authorize the Director of the Department of Development to enter into a grant agreement in an amount up to $3,100,000.00 with Columbus-Franklin County Finance Authority (CFCFA) to provide gap funding for urban redevelopment projects.
The CFCFA will provide gap funding for projects within the City of Columbus’ urban core and adjacent neighborhoods in order to facilitate projects that will assist in the revitalization of properties. The CFCFA will help fill funding gaps for the redevelopment of smaller scale projects in traditional neighborhood corridors. Urban redevelopment projects often encounter issues not experienced by new build projects or projects not built on undeveloped land (e.g. older buildings having amplified costs to bring it up to current code and safety standards).
Emergency legislation is requested to allow redevelopment projects to maintain their project schedule.
Fiscal Impact: Funding is available within the Department of Development Capital Improvement Budget. An amendment to the 2021 Capital Improvement Budget is required to establish sufficient budget authority within the proper project in an amount up to $3,100,000.00.
Title
To amend the 2021 Capital Improvement Budget; to authorize the City Auditor to transfer between projects within the Affordable Housing Bond Fund; to authorize the City Auditor to transfer between projects with the Development Taxable Bond Fund; 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 $3,100,000.00 from the Affordable Housing Bond Fund, Development Taxable Bond Fund; and to declare an emergency ($3,100,000.00).
Body
WHEREAS, it is necessary to amend the 2021 Capital Improvement Budget; and
WHEREAS, the City will enter into a grant agreement in the amount of $3,100,000.00 with CFCFA in order to provide g...
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