Explanation
BACKGROUND
This ordinance authorizes the Director of the Department of Development to enter into a grant agreement with TCG Elford Broad Apartments Holdings LLC for development of a 240-unit workforce housing development in an amount up to $2,200,000.00. This agreement will also permit expenses incurred prior to the creation of the purchase order, starting January 1, 2023, for soft costs including architectural and engineering fees, legal and recording fees, and permanent loan fees.
TCG Elford Broad Apartments Holdings, LLC is a joint venture of Elford Development and Trident Capital Group for the development of a $51,347,120.00 million, 240-unit workforce housing project with at least 20% of the units structured with AMI restrictions on a 16.51-acre site located at 260 Taylor Station Road. The project will have a management office, clubhouse with common room, meeting area, package room, fitness center, resort style pool, cabana area, volleyball court, dog park, children’s play area, outdoor fire pits with seating, grilling stations and detached garages.
The overall development is in close proximity to multiple employment centers including Mt. Carmel East Hospital (.30 of a mile), Ohio Gastro Group (.23 of a mile), the Westbourne Ave commercial developments (.30 of a mile), and the Outerbelt Street commercial area (.40 of a mile). The project has excellent access to I-270 (1 mile from site) for convenient access to the entire metro employment area. The project is located near the #10 COTA bus route on Broad Street (.25 of a mile) that provides access east and west in the City as well as the #25 Cota bus route on Taylor Station (.25 of a mile) that provides north and south access in the City. The proximity to job sites and to the transportation routes in the City of Columbus is excellent.
The site is also conveniently located near the E. Broad Street Giant Eagle grocery store (1.0 of a mile) as well as other food and service providers in the East Broad Street corridor.
Pursuant to the Economic Development Agreement negotiated with the City of Columbus, and authorized by Ordinance No. 2452-2025, the sponsor may elect to have 10% of the apartment units with affordable price restriction at 60% of AMI and 10% of the apartment units with affordable price restriction at 80% of AMI or 30% of the apartment units will have an affordable price restriction at 80% of AMI.
This ordinance will also repeal Ordinance No. 1721-2025, authorizing the Director of the Department of Development to enter into a Housing Development Agreement (HDA) with TCG Elford Broad Apartments Holdings, LLC, in its entirety. The Housing Development Agreement was not executed.
Emergency action is requested in order to maintain the project schedule and to meet deadlines for this project. Without emergency action, new affordable housing would be further delayed from a low-income community in urgent need of it.
FISCAL IMPACT: Funding in the amount of $2,200,000.00 is available in 2025 Capital Improvement
Budget, Affordable Housing Bond fund.
CONTRACT COMPLIANCE: the vendor number is 052358 and expires 5/12/2027.
Title
To authorize the Director of Development to enter into a grant agreement with TCG Elford Broad Apartments Holdings LLC for development of a 240-unit workforce housing development in an amount up to $2,200,000.00; to authorize the expenditure of up to $2,200,000.00 from the Affordable Housing Bond Fund; to authorize expenses incurred prior to the creation of the purchase order; to repeal Ordinance No. 1721-2025; and to declare an emergency. ($2,200,000.00)
Body
WHEREAS, the Director of Development seeks to enter into a grant agreement with TCG Elford Broad Apartments Holdings LLC for development of a 240-unit workforce housing development in an amount up to $2,200,000.00, with at least 20% of the units structured with AMI restrictions on a 16.51-acre site located at 260 Taylor Station Road; and
WHEREAS, the development is in close proximity to multiple employment centers, the Westbourne Ave commercial developments, the Outerbelt Street commercial area, access to I-270, and near COTA bus routes; and
WHEREAS, the site is also conveniently located near the E. Broad Street Giant Eagle grocery store as well as other food and service providers in the East Broad Street corridor; and
WHEREAS, to repeal Ordinance No. 1721-2025; and
WHEREAS, to authorize an expenditure within the Affordable Housing Bond Fund in an amount up to $2,200,000.00; and
WHEREAS, to authorize expenses incurred prior to the creation of the purchase order, starting January 1, 2023; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to authorize the Director to enter into a grant agreement with TCG Elford Broad Apartments Holdings LLC in order to maintain the project schedule and to meet deadlines for this project, all for the immediate preservation of the public health, peace, property, safety, and welfare; and NOW,THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That Ordinance No. 1721-2025 passed on July 14, 2025 is hereby repealed in its entirety.
SECTION 2. That the Director of the Department of Development be and is hereby authorized to enter into a grant agreement with TCG Elford Broad Apartments Holdings LLC in an amount up to $2,200,000.00 in support of the 240-unit workforce housing project located at 260 Taylor Station Road and to authorize expenses incurred prior to the creation of the purchase order, starting January 1, 2023.
SECTION 3. That for the purpose as stated in Section 2, the expenditure of $2,200,000.00, or so much thereof as may be necessary, is hereby authorized in fund 7779 (Affordable Housing Bond fund), Project P782050-100016, Dept. 44-10 (Housing), in Object Class 06 (Capital Outlay) per the accounting codes in the attachment to this ordinance.
SECTION 4. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, and the City Auditor shall establish such accounting codes as necessary.
SECTION 5. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this ordinance.
SECTION 6. That the City Auditor is hereby authorized to transfer the unencumbered balance in a project account to the unallocated balance account within the same fund upon receipt of certification by the Director of the Department administering said project that the project has been completed and the monies are no longer required for said project.
SECTION 7. That for the reasons stated in the Preamble hereto, which is hereby made a part hereof, this Ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.