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File #: 1571-2003    Version: 1
Type: Ordinance Status: Passed
File created: 6/9/2003 In control: Development Committee
On agenda: 6/23/2003 Final action: 6/25/2003
Title: To authorize the Director of Finance to approve the provision by Capitol South of $1,005,000 of assistance from the Capitol South Downtown Housing Incentive Fund for the redevelopment of an existing building at 60 East Spring Street with 67 market-rate apartments; and to declare an emergency.
Explanation
 
BACKGROUND:    
City Council has previously authorized Capitol South Community Urban Redevelopment Corporation ("Capitol South") to create the Capitol South Downtown Housing Incentive Fund (the "Capitol South DHIF"). If financial assistance from the Capitol South DHIF to any one housing project exceeds $250,000, then the same requires the approval of the Capitol South Board of Managing Trustees and the City, acting through its Director of Finance.  Capitol South proposes to provide $1,005,000 of financial assistance, in the form of a low-interest loan, to JDS Spring, LLC, an Ohio limited liability company organized and owned by J. Daniel Schmidt and Ronald A. Calhoun or their respective affiliates (the "Developer").  The Developer has acquired the four story Electric Power and Equipment Building at 60 East Spring Street and proposes to redevelop the same with 67 market-rate apartments. The design of the project has been approved by the Downtown Commission.  The requisite approval has been requested from the City.
 
 
FISCAL IMPACT:
No funding is required for this legislation.
 
 
 
Title
 
To authorize the Director of Finance to approve the provision by Capitol South of $1,005,000 of assistance from the Capitol South Downtown Housing Incentive Fund for the redevelopment of an existing building at 60 East Spring Street with 67 market-rate apartments; and to declare an emergency.
 
 
Body
 
WHEREAS, the City of Columbus (the "City") and Capitol South Community Urban Redevelopment Corporation ("Capitol South") are parties to an Operative Agreement, dated to be effective June 30, 2001, which among other things provides for the creation of the Capitol South Downtown Housing Incentive Fund (the "Capitol South DHIF"); and
 
WHEREAS, the Operative Agreement requires the approval of the Capitol South Board of Managing Trustees and the City, acting through its Director of Finance, whenever Capitol South proposes to provide more than $250,000 of assistance from the Capitol South DHIF to any one downtown housing project; and
 
WHEREAS, the Capitol South Board of Managing Trustees has approved the provision of $1,005,000 of assistance, in the form of a low-interest loan, from the Capitol South DHIF Fund for the redevelopment of the four-story Electric Power and Equipment Building at 60 East Spring Street with 67 market-rate apartments (the "60 East Spring Housing Project"); and
 
WHEREAS, Capitol South has requested the approval of the City to the provision of such financial assistance; and
 
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that expediting the development transaction and commencement of the 60 East Spring Housing Project will preserve the public health, peace, property, safety and welfare; NOW, THEREFORE,
 
 
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
 
 
Section 1.      That the Director of Finance be and he is hereby authorized to approve the provision of $1,005,000 of assistance from the Capitol South DHIF Fund for the 60 East Spring Housing Project.
 
Section 2.      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 its passage and approval by the Mayor or ten days after passage if the Mayor neither approves, nor vetoes, the same.