The Columbus Board of Works approved an updated contract between the city and the Columbus Economic Development Board on Tuesday.
The city started funneling more dollars to the board in 2016, paying an extra $136,000 in annual dues to the board over the last three years for more extensive economic development work. This was in addition to the $14,000 the economic development board already received annually in city support.
Between March 31 and Dec. 15, Columbus will pay the economic development board $125,000 as compensation for the board’s services to the city. In previous years, the contract was a one-year contract with an two-year auto renewal option. This year’s contract only covers 2019.
The primary objective of the contract is to provide administrative and marketing services for new businesses and the expansion of existing primary businesses and infrastructure and development guidance, said Mary Ferdon, executive director of administration and community development.
For more on this story, see Wednesday’s Republic.