Explanation
Background: This ordinance authorizes the Finance and Management Director to enter into a Not-for-Profit service contract with the Columbus Region Green Fund. The Columbus Region Green Fund is an equity focused, job-creating, dedicated finance entity that uses innovative financing techniques to connect clean energy projects in the Columbus Region with low-cost capital. The Fund supports growth of the clean energy industry by providing access to commercial, public and philanthropic capital to finance clean energy projects that would otherwise struggle to secure capital.
As part of Mayor Ginther's Equity Agenda, the City released its first-ever Columbus Climate Action Plan, our community roadmap for achieving carbon neutrality by 2050, a 45% reduction in emissions by 2030, and imparting environmental justice. In order to achieve these ambitious goals, financial barriers in the local clean energy market need addressed. To tackle this issue, a new, independent, Columbus Region Green Fund will address these financial barriers, while becoming a new equitable lever for funding to address key strategies within the Columbus Climate Action Plan in support of the Mayor’s Equity Agenda.
Fiscal Impact: This ordinance authorizes a Not-for-Profit service contract and expenditure of up to $7,000,000.00 with the Columbus Region Green Fund.
Columbus Region Green Fund: Fed Tax ID 87-2293624
Title
To authorize the Director of the Department of Finance and Management to enter into a Not-for-Profit service contract with the Columbus Region Green Fund; and to authorize the expenditure of up to $7,000,000.00 from a previously established Auditor's Certificate. ($7,000,000.00)
Body
WHEREAS, Ordinance 3223-2022 authorizes the City Auditor to establish and Auditor's Certificate in an amount equal to $7,000,000.00 to fund a Columbus Region Green Fund in support of clean energy projects and a range of clean energy and energy efficiency initiatives that benefit the grea...
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