Explanation
This legislation authorizes the City Clerk to enter into a not-for-profit service contract with the Center for Public Enterprise, to analyze the feasibility of a revolving loan fund locally and the opportunities for mixed-income housing. The City currently lacks the human resources to perform this function.
Given the ongoing housing crisis in Columbus and the lack of affordable housing locally, the City recently completed the Putting Assets to Work engagement, which identified parcels of land that are publicly owned or owned by non-profit partners that may be well-suited for strategic investment and development. As a next step, the City aims to better understand innovative opportunities for financing and leveraging local land assets through a research and technical assistance contract with the Center for Public Enterprise.
Center for Public Enterprise is a national leader in the design and implementation of innovative mixed-income development programs administered by housing authorities, housing finance agencies, and other state and local government instrumentalities to assist governments in furthering their housing production goals.
The services provided by the Center for Public Enterprise will include engaging with stakeholders, detailing opportunities for a novel financing mechanism to encourage mixed income projects. They will produce several briefs and/or reports, model pro-formas for potential capital stack structures and developments, and potentially identify projects that can build a pipeline of projects.
FISCAL IMPACT: Funding in the amount of $30,000.00 is available in the Neighborhood Initiatives
Title
To authorize the City Clerk to enter into a not-for-profit service contract with the Center for Public Enterprise (CPE) in an amount up to $30,000 to provide evaluation, research, and technical support for a mixed income pilot fund and program; and to authorize an appropriation and expenditure within the Neighborhood Initiatives subfund. ($30,000.00)
Body
WHEREAS, the City of Columbus seeks to promote new avenues and opportunities for mixed income housing and leverage existing land resources; and
WHEREAS, the City of Columbus seeks to better understand how to utilize our financial and land assets; and
WHEREAS, the Center for Public Enterprise is a national leader in technical assistance and support on establishing financing supports for mixed income development; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the City Clerk is authorized to enter into a not-for-profit service contract with the Center for Public Enterprise in an amount up to $30,000.00 to provide research and technical services for the Columbus City Council.
SECTION 2. That the City Auditor is hereby authorized and directed to appropriate $30,000 in the Neighborhood Initiatives subfund, to Columbus City Council per the accounting codes in the attachment to this ordinance.
SECTION 3. That the expenditure of $30,000.00 or so much thereof as may be needed pursuant to the action authorized in SECTION 1 of this ordinance, is hereby authorized in the Neighborhood Initiatives subfund per the accounting codes in the attachment to this ordinance.
SECTION 4. That this contract is awarded in accordance with the relevant provisions of City Code Chapter 329 relating to not-for-profit service contracts.
SECTION 5. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications with this ordinance.
SECTION 6. That this ordinance shall take effect at the earliest date allowable by law.