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 $660,000 of financial assistance, in the form of a low-interest loan, to Grant Partners LLC, an Ohio limited liability company organized and owned by George D. Berardi or his affiliates (the "Developer"). The Developer has acquired the property at the southeast corner of Grant and Walnut Streets and proposes to develop the same with a seven story structure containing 44 residential condominium units, some for sale and some for market-rate rental. 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 $660,000 of assistance from the Capitol South Downtown Housing Incentive Fund for the development of a seven story structure at the southeast corner of Grant and Walnuts Streets with 44 residential condominium units; 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 $660,000 of assistance, in the form of a low-interest loan, from the Capitol South DHIF Fund for the development of a seven story structure on the property at the southeast corner of Grant and Walnut Streets, containing 44 residential condominium units, some for sale and some for market-rate rental (the "Grant and Walnut 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 Grant and Walnut 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 $660,000 of assistance from the Capitol South DHIF Fund for the Grant and Walnut 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.