This ordinance authorizes the Director of Development to enter into a not-for-profit service contract with the Columbus Next Generation Corporation for the acquisition and development of key urban real property assets in central Columbus. This initiative is a strategic effort to encourage industrial, economic, and commercial growth in the targeted areas, aiming to eliminate blight and create new job opportunities. The contract, amounting to $550,000, will support the purchase and development of urban properties critical to the city's economic development strategy.
This initiative is vital for stimulating economic growth in central Columbus, addressing urban blight, and creating job opportunities through strategic real estate development. By targeting central city areas, the project supports the city's broader goals of revitalization and sustainable economic development.