Columbus to establish a private nonprofit to redevelop properties
Columbus City Council unanimously approved the formation of a taxpayer-funded nonprofit that will work to “redevelop some of the city’s poorest areas near Downtown,” beginning with the abandoned commercial, industrial and residential properties in Franklinton, the Columbus Dispatch reports. Expected to be fully operational by mid-2013 with an as yet undetermined stable revenue stream, the Columbus Next Generation Development Corp. continues the efforts of the nonprofit Columbus Urban Growth Corp., which Mayor Michael B. Coleman created in 1996 as a councilman and which closed in 2009 due to its $4 million debt, the article said. For more, read the full story.
