Explanation
BACKGROUND
This ordinance authorizes the Director of the Department of Development to enter into a grant agreement with Erie Ohio Capital CDFI Fund LLC for development of a 118-unit mixed-use affordable housing development in an amount up to $3,000,000.00. Erie Ohio Capital CDFI Fund LLC will enter into a grant agreement with the city for the bond funds as a pass-through entity. Granville Woods Lofts Limited Partnership is the ownership entity of the project with Erie Ohio Capital CDFI Fund LLC being a loaning member. Approval is also requested for reimbursement of architect, attorney, engineering, developer, and tax credit fees incurred prior to execution of the purchase order, starting January 1, 2023.
Woda Cooper Companies, Inc. (“WCCI”) is proposing Granville Woods Lofts. Granville Woods Lofts is the first phase of a proposed 118-unit mixed-use affordable housing development consisting of two phases located at 1826 E. Livingston Avenue on the edge of the Driving Park neighborhood in Columbus, Ohio. The second phase received an award of 4% tax credits and gap financing from OHFA in the 2022 OHFA BGF funding round. The first phase will consist of 58 units in a four-story elevator building.
Granville Woods Lofts will target households with incomes at or below 50% to 80% of area median gross income. Granville Woods Lofts will include four (4) one-bedroom units, forty-three (43) two-bedroom units and eleven (11) three-bedroom units for a total of 58 units with 10% of units dedicated to market rate. The development will also feature the commercial/retail space along Livingston Avenue. The target population for Granville Woods Lofts will be general occupancy. Granville Woods Lofts will include the construction of a four-story elevator building with various amenities including: on-site management office, community room with kitchenette, and more. The project is within steps of COTA bus stops along East Livingston Avenue, across the street from the Driving Park Community Recreation Center, and half a mile from the Columbus Metropolitan Library.
The Department of Development was authorized to enter into a Housing Development Agreement for $3,000,000.00 pursuant to Ord 1143-2024 passed on May 6, 2024. This legislation will confirm the funding for the project.
Granville Woods Lofts Limited Partnership is the ownership entity of the project with Erie Ohio Capital CDFI Fund LLC being a loaning member. The Director of the Department of Development is hereby authorized to enter into a grant agreement with Erie Ohio Capital CDFI Fund LLC. City Council hereby authorizes Erie Ohio Capital CDFI Fund LLC to assign its rights, duties, and obligations under the grant agreement to Granville Woods Lofts Limited Partnership, except that Erie Ohio Capital CDFI Fund LLC shall remain responsible for the indemnification, reporting, and compliance obligations of the grant agreement as set forth in the copy of the agreement on file with the Department of Development.
Emergency action is requested in order to maintain the project schedule and to fulfill financial needs to mitigate additional fees from lenders. Without emergency action, new affordable housing would be further delayed from a low-income community in urgent need of it.
FISCAL IMPACT: Funding in the amount of $3,000,000.00 is available in 2024 Capital Improvement Budget, Affordable Housing Bond fund. An amendment to the 2024 Capital Budget is required to establish sufficient budget authority for the project.
CONTRACT COMPLIANCE: the vendor number is 0033062 and expires 06/10/2026.
Title
To amend the 2024 Capital Improvement Budget; to authorize the City Auditor to transfer funds within the Affordable Housing Bond Fund; to authorize the Director of Development to enter into a grant agreement with Erie Ohio Capital CDFI Fund LLC in an amount up to $3,000,000.00 in support of development of Granville Woods Lofts, a 118-unit mixed-use affordable housing development project; to authorize the expenditure of up to $3,000,000.00 from the Affordable Housing Bond Fund; to authorize the reimbursement of expenditures incurred prior to the establishment of a purchase order; and to declare an emergency. ($3,000,000.00)
Body
WHEREAS, the Director of Development seeks to enter into a grant agreement with Erie Ohio Capital CDFI Fund LLC for development of a 118-unit mixed-use affordable housing; and
WHEREAS, Granville Woods Lofts will target households with incomes at or below 50% to 80% of area median gross income; and
WHEREAS, Granville Woods Lofts will include four (4) one-bedroom units, forty-three (43) two-bedroom units and eleven (11) three-bedroom units for a total of 58 units with 10% of units dedicated to market rate; and
WHEREAS, the target population for Granville Woods Lofts will be general occupancy; and
WHEREAS, the project is within steps of COTA bus stops along East Livingston Avenue, across the street from the Driving Park Community Recreation Center, and half a mile from the Columbus Metropolitan Library; and
WHEREAS, an amendment to the 2024 Capital Improvement Budget is needed to establish sufficient authority for this project; and
WHEREAS, the transfer and expenditure within Fund 7779 is authorized; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development to pass this ordinance as emergency in order to maintain the project schedule, for the immediate 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 enter into a grant agreement with Erie Ohio Capital CDFI Fund LLC in an amount up to $3,000,000.00 in support of the development of Granville Woods Lofts, a 118-unit mixed-use affordable housing development project, and to authorize the reimbursement of architect, attorney, engineering, developer, and tax credit fees expenditures incurred prior to the establishment of a purchase order, beginning January 1, 2023.
SECTION 2. The Director of the Department of Development is hereby authorized to enter into a grant agreement with Erie Ohio Capital CDFI Fund LLC. City Council hereby authorizes Erie Ohio Capital CDFI Fund LLC to assign its rights, duties, and obligations under the grant agreement to Granville Woods Lofts Limited Partnership, except that Erie Ohio Capital CDFI Fund LLC shall remain responsible for the indemnification, reporting, and compliance obligations of the grant agreement as set forth in the copy of the agreement on file with the Department of Development.
SECTION 3. That the 2024 Capital Improvements Budget be amended as follows to establish sufficient authority for this project:
Fund / Project / Project Name (Funding Source) / C.I.B. / Change / C.I.B. as Amended
7779 / P782012-100000 / Affordable Housing Funds (Voted Carryover) / $14,968,598.00/ ($3,000,000.00) / $11,968,598.00
7779 / P782050-100010 / Granville Woods Lofts (Voted Carryover) / $0 / $3,000,000.00 / $3,000,000.00
SECTION 4. That the transfer of $3,000,000.00 or so much thereof as may be needed, is hereby authorized within Fund 7779 (Affordable Housing Bond fund), Dept-Div 44-10 (Housing) per the account codes in the attachment to this ordinance.
SECTION 5. That for the purpose as stated in Section 1, the expenditure of $3,000,000.00, or so much thereof as may be necessary, is hereby authorized in fund 7779 (Affordable Housing Bond fund), Project P782050-100010, Dept. 44-10 (Housing), in Object Class 06 (Capital Outlay) per the accounting codes in the attachment to this ordinance.
SECTION 6. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, and the City Auditor shall establish such accounting codes as necessary.
SECTION 7. 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 8. That the City Auditor is hereby authorized to transfer the unencumbered balance in a project account to the unallocated balance account within the same fund upon receipt of certification by the Director of the Department administering said project that the project has been completed and the monies are no longer required for said project.
SECTION 9. 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 passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.