Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into an agreement with the Buckeye IV Home Builders LTD (Buckeye IV). The funds provided by the agreement will be used to undertake the acquisition and rehabilitation components of the Home Again Initiative. Buckeye IV currently facilitates the production of affordable housing and the enhancement of home ownership opportunities in Columbus. This legislation authorizes the expenditure of $60,000.00 to Buckeye IV for the acquisition and rehabilitation of vacant houses to increase the supply of decent, safe, sanitary and affordable housing as well as to enhance neighborhood revitalization activities. Specifically, the proposal is to provide the funds to Buckeye IV to selectively target acquisitions of vacant properties for redevelopment and to ensure maximum neighborhood revitalization potential of the Linden area of the City.
The Housing Preservation Fund represents the City's commitment to the preservation of housing units affordable to low and moderate-income individuals.
Emergency action is necessary to allow Buckeye IV to immediately proceed with rehabilitation efforts.
Buckeye IV Home Builders LTD, contract compliance number 204-53-0068, expires 12/4/10.
FISCAL IMPACT: Funding is from the Housing Preservation Fund - 2007 Capital Improvements Budget.
Title
To authorize the Director of the Department of Development to enter into an agreement with Buckeye IV Home Builders LTD to implement a component of the City's Home Again Initiative; to authorize the expenditure of $60,000 from the Housing Preservation Fund; and to declare an emergency. ($60,000.00)
Body
WHEREAS, the Department of Development desires to enter into an agreement with the Buckeye IV Home Builders LTD and to expend $60,000.00 in bond proceeds; and
WHEREAS, these monies will be used to assist in implementing the Home Again Initiative to preserve the supply of decent, safe, sanitary and affordable housing; and
WHEREAS, the developer, Buckeye IV Home Builders LTD anticipates completing no more than one project consisting of two units; and
WHEREAS, emergency action is necessary to allow Buckeye IV to immediately proceed with rehabilitation efforts; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Housing Division, in that it is immediately necessary to expend said funds thereby preserving 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 the Director of the Department of Development is hereby authorized to enter into an agreement with Buckeye IV Home Builders LTD to implement a component of the city's Home Again Initiative to convert vacant houses to productive use in the Linden area of the City.
Section 2. That expenditure of capital improvements budget funds from this authorization will be for acquisition and subsequent rehabilitation of vacant houses for sale to eligible households.
Section 3. That for the purpose as stated in Section 1, the expenditure of $60,000.00 or so much thereof as may be necessary, is hereby authorized from the Housing Preservation Fund, Department of Development, Division 44-10, Fund 782, Project No. 782001, Object Level One 06, Object Level Three 6701, OCA Code 782001.
Section 4. 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 5. 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 approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.