The Compact focuses on
three priority areas:
1. Neighborhood-Scale
Commercial Real Estate Development
We concentrate on developing real estate in specific areas,
at a scale that creates real change in our neighborhoods. In
addition to projects in the planning stage, we have a number
of corporate efforts moving forward.
The Compact is a U.S.
Department of Treasury-certified Community Development
Entity (“CDE”), capable of receiving and disbursing
investment proceeds of the New Markets Tax Credit program,
for commercial real estate development.
Franklin Park Condominiums
We have designed
and are currently (March 2008) selling condominium units
in a proposed $9.5 million 52-unit complex, one block
south of Franklin Park, at the intersection of Oak and Kelton avenues. (picture)
The project includes units ranging in size from 823
square feet to 1,552 square feet, and from 1 to 4 bedrooms.
Unit types include 1 and 2 Bedroom Garden Flats, and 2, 3,
and 4 Bedroom Townhouses -- most town houses with 2-car
garages underneath.
  
Sherman Oak Condominiums
With our partners, we
are redeveloping a vacant and abandoned 12-unit
apartment building at 143-151 Sherman Avenue in the Olde
Towne East neighborhood, and we are converting it to
condominiums. The project cost is $1.2 million.
  
Heritage Square Marketplace
We are focused on developing a $9.1 million, 60,000
square foot retail/commercial business district covering
three city blocks.
Our first project, under construction (January 2008-June
2008), is Heritage Square Marketplace: a 16,000 square
foot Save-A-Lot supermarket, which will be followed
immediately by another 15,000 square feet of additional
retail immediately adjacent between Oakwood and Wilson
avenues, on E. Main Street on the Near East Side of
Columbus.
As part of this effort, the Compact has developed a
wireless security camera program on E. Main Street,
connecting Pan-Tilt-Zoom security cameras from 5
off-site partner locations to a common image viewing and
recording station. Streaming camera images of E. Main
Street are available 24 hours a day, from any computer
with Internet access.
2.
Community
Development Financing
The Compact is a U.S.
Department of Treasury-certified Community Development
Financial Institution (“CDFI”). We lend money to new and
existing businesses that bring jobs, goods and services, or
add to the commercial tax base.
We offer
financing for a variety of small businesses, ranging
from start-up retail businesses, to existing businesses
that need additional credit to grow. We also offer
commercial real estate loans as gap financing.
Our loan portfolio now has $3.8 million in outstanding
principal, from 45 borrowers. Our borrowers can expect
confidentiality about their business plans and the
highest level of professionalism, as we work to
stimulate the business environment in our central city
neighborhoods and along our business corridors.
Commercial Loan Program
The Columbus Compact Commercial Loan Program provides
financing to assist in both the expansion of existing EZ
businesses and the relocation of other businesses to
within the EZ. It also provides financing for the
purchase of real estate within the EZ.
Preferred use of funds includes the purchase of rolling
stock and other equipment needed for business expansion
in addition to the purchase of land. Loans may also be
used on a limited basis to refinance high interest debt
to improve cash flow; working capital (to be capped at
20% of total loan package value).
Click
here
for more information or contact:
Michael Whitfield
Manager of Economic Development
Phone: 614-251-0926 ext. 111
Email:
mwhitfield@colscompact.com
3.
Administrative Services
We have an outstanding
administrative infrastructure, and we consult with other
businesses and non-profit corporation to help them become
more effective:
Technical Assistance
The Compact has an
outstanding administrative capacity, having administered
over $23 million in federal grants to more than 120 subrecipients. Each year the Compact receives clean
independent fiscal and program audits.
The Compact has further received the Ohio Association of
Nonprofit Organization’s “Standards for Excellence”
designation – one of just 15 so-designated organizations
in the State of Ohio. This designation recognizes
nonprofit organizations that have met rigorous standards
in governance and management. The Compact offers
technical assistance to organizations seeking to improve
their management and governance.
For more information please contact:
Deborah Woodly
Vice President - Finance & Administration
Phone: 614.251.0926 ext. 104
Email:
dwoodly@colscompact.com
Community Development
Management System
The Compact has
developed an Internet-based, Web 2.0 software, to help funders better track, manage, and report on the
activities undertaken through their grant-making. This
system also helps nonprofit executives track and report
on the efficiency and effectiveness of their agency
program efforts. CDMS will be available for sale in late
Spring 2008.
For more information please contact:
Michael Whitfield
Manager of Economic Development
Phone: 614-251-0926 ext. 111
Email:
mwhitfield@colscompact.com
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