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File #: 2943-2022    Version: 1
Type: Ordinance Status: Passed
File created: 10/25/2022 In control: Economic Development Committee
On agenda: 11/21/2022 Final action: 11/23/2022
Title: To amend the 2022 Capital Improvement Budget; to authorize the City Auditor to transfer funds within the Development Taxable Bond Fund; to authorize the Director of Development to enter into a grant agreement with Columbus Next Generation Corporation to purchase, renovate, or construct real property assets in targeted central city areas to advance economic and community development initiatives; to authorize the expenditure of $1,200,000.00 from the Development Taxable Bond Fund; and to declare an emergency. ($1,200,000.00)
Attachments: 1. 2943 - 2022 ED Next Generation Bond Grant 10-20-2022
Explanation
BACKGROUND:
This ordinance authorizes the Director of Development to enter into a grant agreement with Columbus Next Generation Corporation, a non-profit entity, in an amount up to $1,200,000.00 for the purpose of purchasing, renovating, and or constructing urban real property assets in targeted central city areas to advance economic and community development initiatives.

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.

EMERGENCY: Emergency action is requested to ensure funds are available for purchase of properties prior to the end of the current year to facilitate the redevelopment of key urban areas.

FISCAL IMPACT: Funding is available with the Development Taxable Bonds Fund, 7739.

CONTRACT COMPLIANCE: The vendor’s contract compliance number is 008637 and expires on 8/2/24.



Title

To amend the 2022 Capital Improvement Budget; to authorize the City Auditor to transfer funds within the Development Taxable Bond Fund; to authorize the Director of Development to enter into a grant agreement with Columbus Next Generation Corporation to purchase, renovate, or construct real property assets in targeted central city areas to advance economic and community development initiatives; to authorize the expenditure of $1,200,000.00 from the Development Taxable Bond Fund; and to declare an emergency. ($1,200,000.00)


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 (Columbus Next Generation Corporation ) to advance, encourage, and pro...

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