The City Council of Columbus authorized the Director of the Department of Development to enter into a not-for-profit service contract with the Columbus Next Generation Corporation. This contract, valued at up to $500,000.00, is for the purpose of purchasing/acquiring and developing key urban real property assets in targeted central city areas. The ordinance also authorizes an expenditure of up to $500,000.00 from the General Fund Budget and allows for the advancement of funds on a pre-determined schedule. The Columbus Next Generation Corporation is a non-profit organization established in 2012.