Explanation
BACKGROUND
This ordinance authorizes the Director of the Department of Development to modify (Modification No. 1) a grant agreement with Erie Ohio Capital CDFI Fund, LLC for the Broadleigh Lofts project to adjust the soft cost allocation originally presented in the agreement.
Original Agreement $ 2,000,000.00 Ord. 1964-2024 PO488705
Modification No. 1 $ 0.00
Total $ 2,000,000.00
Under Ordinance No. 2894-2023, passed October 30, 2023, the City entered into a Housing Development Agreement with Erie Ohio Capital CDFI Fund, LLC for the Broadleigh Lofts project. Ordinance No. 1964-2024, passed on July 15, 2024, authorized the City's Director of Development to enter into a bond-funded grant agreement with Erie Ohio Capital CDFI Fund, LLC in the amount of $2.0 million. This legislation will authorize a modification to the agreement to adjust the budget allocation of soft cost categories for legal, engineering, and title and recording fees. There will be no change to the total grant amount.
Broadleigh Lofts will be three separate buildings consisting of three-story midrise buildings, situated on a vacant site in the Broadleigh neighborhood of Columbus. The development will provide integrated housing for households of 30-80% AMI, contain onsite manager’s office, a children’s playground, and community space. The proposed development, located at 3150 Allegheny Avenue in Columbus, Ohio, will total 84-units of affordable multi-family housing. The site is one parcel of approximately 3.8 acres and is currently blighted and unimproved and has been vacant for over 10 years. The location is within walking distance of the City of Columbus School District’s K-12 Africentric School as well as a convenience store, multiple restaurant options, and located along a COTA bus route.
The property will be mixed income, featuring affordable housing ranging from 30% AMI, up to 80% AMI, accommodating various household sizes including one, two, and three bedrooms. The project will be appropriate for a variety of populations: singles, young professionals, seniors, single-parent households, small families needing three-bedroom units, and those needing workforce housing in close proximity to downtown and surrounding job centers. The proposed development will total 84-units with at least 20% of units set-aside as integrated supportive housing for homeless veterans due to close proximity to the VA and the remaining units targeting general occupancy. The project will partner with Columbus Metropolitan Housing Authority on this endeavor to provide twenty-nine (29) project based vouchers and coordinate the necessary supportive services for the target population. The project intends to have no fewer than 10% of the units be fully accessible, ideal for people with housing entry barriers including elderly, persons with mobility disabilities, and those less-mobile. Additional units will be set-aside for hearing/vision impaired residents. On-site amenities will include management offices, community room, and more.
FISCAL IMPACT: No additional funding is required.
CONTRACT COMPLIANCE: The vendor number is 033062 and contract compliance expires on 06/10/2026.
Title
To authorize the Director of the Department of Development to modify a grant agreement with Erie Ohio Capital CDFI Fund, LLC for the Broadleigh Lofts project to adjust the soft cost allocation originally presented in the agreement. ($0.00)
Body
WHEREAS, Ordinance No. 2894-2023, passed October 30, 2023, the City entered into a Housing Development Agreement with Erie Ohio Capital CDFI Fund, LLC for the Broadleigh Lofts project; and
WHEREAS, Ordinance No. 1964-2024, passed on July 15, 2024, authorized the City's Director of Development to enter into a bond-funded grant agreement with Erie Ohio Capital CDFI Fund, LLC in the amount of $2.0 million; and
WHEREAS, it has become necessary in the usual daily operation of the Department of Development in that it is necessary to authorize the Director of the Department of Development to modify a grant agreement with Erie Ohio Capital CDFI Fund, LLC for the Broadleigh Lofts project to adjust the soft cost allocation originally presented in the agreement for the preservation of the public health, peace, property, and safety; now, therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of the Department of Development be and is hereby authorized to modify modify a grant agreement with Erie Ohio Capital CDFI Fund, LLC for the Broadleigh Lofts project to adjust the soft cost allocation originally presented in the agreement.
SECTION 2. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.