2.22.10
ENCOURAGING ECONOMIC DEVELOPMENT THROUGH STIMULUS DOLLARS
By: John Ivanic - Columbus City Council Highlights
Finance and Economic Development Committee Chair Andrew J. Ginther is sponsoring ordinance 0262-2010 which authorizes the City to partner with the Columbus-Franklin County Finance Authority to act as the bond issuer for $24,500,000 in federal Recovery Zone Bonds. The American Recovery and Reinvestment Act of 2009 – commonly referred to as the federal stimulus package – created this new category of tax-exempt private activity bonds. The bonds allow for tax-exempt financing of certain privately funded projects in areas designated as “Recovery Zones.” The bonds will provide private developers access to capital financing at a much lower cost than would otherwise be available, and are designed to encourage business expansion and economic development.

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