Columbus Downtown Development Corporation

What it reported doing in 2024

Cddc continues with the implementation of the 2010 strategic business plan developed with community input and promulgated by the mayor and city council. These efforts include the renovation of a former downtown department store into premier office and retail space, development of downtown parks through the oversight of the scioto mile park and the scioto greenways project, the construction of a new national veterans memorial and museum and the development of the downtown scioto peninsula. In november 2018, cddc's subsidiary sp holdings entered into separate purchase, sale and development agreements with three developers for development sites on scioto peninsula property the corporation and sp holdings are leasing from the city. See schedule o.the sales of these sites were completed in september 2020. The developers of the phase 1 office, hotel and residential sites started construction in 2021. The phase 1 office site opened in 2022, while the residential and hotel sites opened in 2023. Planning and development of the remaining components of the scioto peninsula master plan continued into 2024, with announcements for phase 2 expected in 2025. In response to a priority identified by the city of columbus, cddc acquired .72 acres of land at 497 east town street in downtown columbus in february 2021. Cddc is developed a 98 unit affordable and workforce housing project, topiary park crossing, on the site. The project was funded through a commercial real estate loan, grants from the city of columbus and capitol south and an equity investment from the corporation. Construction of the facility started in 2022. The facility opened in fall of 2023.in 2021, the city of columbus requested cddc to lead the development of a new downtown strategic plan. Cddc engaged consultants and has scheduled a series of public forums in 2022 in order to receive input from downtown stakeholders and the general public. The final plan was issued in late 2022. Implementation of the 2022 downtown strategic plan continued into 2024 and beyond.in 2022, cddc and the city of columbus entered into a grant agreement which provided cddc the funding for the purchase of the downtown ymca and the purchase or renovation of other real property assets in downtown columbus. Cddc entered into a purchase and sale agreement for the ymca in october 2022, with closing occurring on february 4, 2025.in december 2022, cddc entered into an agreement with the city of columbus for the re-design and reconstruction of the scioto mile fountain. Cddc received a grant from the city for half of the expected project cost. Construction commenced in 2023 and a grand re-opening of the fountain to the public was held in may 2024.in 2024, the corporation launched the ground floor growth program to support small retail businesses in the core of downtown columbus. Under this program, gfg enters into leases for unused storefronts and sublets the premises to retailers selected by the city, the corporation and the landlords. The city provides the funding to support the buildout of retail spaces and rent subsidies for the retailers. Additional phases of the program are expected in future years.in 2024, cddc and the city of columbus announced plans for the capital line, envisioned as a pedestrian friendly urban pathway connecting various downtown attractions and amenities. The initial phase of this project is being funded by a $10,000,000 grant from the state of Ohio. Construction is expected to start in late 2025.in 2024, cddc and the city of columbus began collaborating on the creation of a downtown security center (dsc). Located in the lazarus building, the dsc will serve as a collection point for camera feeds across downtown, while also providing a headquarters for security operations for the lazarus building, columbus commons, columbus commons garages and the scioto mile. Cddc received a $1,500,000 grant from the state of Ohio for this project.on december 18, 2024, cddc purchased 3 downtown legacy

Financial Efficiency

• Mission deployment rate: 58.9%; rating input score 59
• Program expense ratio: 96.2%; rating input score 96
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 92.3%; rating input score 92; 8th percentile among comparable filings
• Pay-setting controls: 3 of 6 controls in place; rating input score 50
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Pass
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 84.2%; rating input score 84; 18th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 39.8%; rating input score 91; 91st percentile among comparable filings
• Total-asset coverage ratio: 6.15; rating input score 87; 87th percentile among comparable filings
• Liabilities to assets ratio: 0.16; rating input score 65; 65th percentile among comparable filings
• Officer compensation ratio: 6.7%; rating input score 37; 37th percentile among comparable filings

Growth

• Program expense growth: 9.4% per year; rating input score 100; 68th percentile among comparable filings
• Revenue growth: 5.5% per year; rating input score 100; 48th percentile among comparable filings
• Asset growth: 0.9% per year; rating input score 100; 13th percentile among comparable filings