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PROGRAMS & PRIORITIES

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 most recently completed project is Heritage Square Marketplace: a 16,000 square foot Save-A-Lot supermarket along with a 3,000 square foot Simply Fashions women's clothing store.  This project will be followed 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.  The Compact is a recent (September 2009) awardee of a $500,000 Department of Treasury allocation to expand our business and real estate lending portfolio.

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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Columbus Compact Corporation
Engine House No. 11 1000 East Main Street Columbus, Ohio 43205
(p) 614.251.0926 (toll free) 866.832.2854 (f) 614.251.2243 © 1999 All Rights Reserved
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