Explanation
BACKGROUND
The City owns and leases to the North Market Development Authority, Inc., an Ohio nonprofit corporation (NMDA, hereinafter the “Grantee”) a longstanding public market on Franklin County Auditor Tax Parcel ID 010-054645 that is an incubator and innovator of small businesses while providing the residents and visitors local products and cultural vibrancy (the “North Market”). Construction activities began in the autumn of 2023 on the adjacent parcels of the Grantee’s previously leased parking lot. In accordance with Ordinance No. 2137-2023, the Director of the Department of Development (the “Director”) entered into the Grant Agreement dated December 12, 2023 (the “Agreement”) with the Grantee. That ordinance contemplated the Department of Development would pursuant to the Agreement submit for City Council consideration all necessary legislation to authorize grants not to exceed the amount of nine hundred fifty thousand dollars ($950,000.00) to be distributed over the course of three (3) consecutive budget years to help mitigate the business disruption to the North Market and the small businesses operating there. Four hundred seventy-five thousand dollars ($475,000.00) was dispersed from the 2023 budget, three hundred fifty thousand dollars ($350,000.00) will be dispersed pursuant to this Ordinance from the 2024 budget, and up to one hundred twenty five thousand dollars ($125,000.00) will be dispersed pursuant to a future ordinance from the 2025 budget. This ordinance authorizes the transfer and expenditure of $350,000.00 from the General Fund.
CONTRACT COMPLIANCE
The contract compliance number for North Market Development Authority, Inc. is 034112 and expires July 16, 2025.
FISCAL IMPACTS
This legislation authorizes the transfer within a fund and the expenditure of three hundred fifty thousand dollars ($350,000.00) from the 2024 General Fund.
Title
To authorize the transfer and expenditure of up to $350,000.00 from the General Fund pursu...
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