Explanation
BACKGROUND:
This legislation authorizes an amendment to Ordinance 3301-2022 to allow for reimbursement of project-related soft costs that have been incurred prior to the legislation passing and the creation of the purchase order for the grant agreement authorized under the ordinance approved by the City. The current language in the ordinance defines the costs as infrastructure work. Without amending the ordinance to correctly reflect the soft costs, the project would have a gap in funding that would delay its completion.
Triumph Apartments is located at the corner of Oak and 18th in the City’s Olde Towne East area. The development is mixed income, with six 60% AMI units, thirteen 80% AMI units and at least thirteen or more units affordable to 100% AMI with the units remaining affordable for fifteen years.
Units are spacious and modern - including stainless steel appliances, ample closets, granite counters, plank flooring and LED lighting throughout. All units are of the same finish regardless on rent or income level. The project also provides and encourages mix-used growth, including inclusion of over 2700 square feet of ground floor retail.
The amenity space includes a resident lounge, onsite fitness facility, and outdoor community courtyard. The project features onsite property management and maintenance spaces; special features include a valet trash service program and 109 general resident spaces within the enclosed garage, 17 additional individual rentable garages, and over 140 surface spaces.
Metropolitan Holdings, general partner of Olde Towne Investors LLC, is additionally pleased that it continues to be a pioneer in housing concepts, and is working toward a formal relationship with IMPACT Community Action. This relationship provides for formal referral and preferred placement of qualified households into the proposed affordable housing units. This ensures that those who need the housing the most also have immediate access to vacant units once they are available for lease.
IMPACT Community Action Agency has existing Vocational Training and Certification Programs providing a mixture of classroom instruction and hands on work to help prepare participants for the construction field trades. Additionally, they offer supportive services and programming that can help Tenant live independently and with dignity, and further have agreed to provide supportive services and programming to any Eligible Tenant at the development. Examples of supportive services include, but are not limited to employment programs that integrate financial literacy training or assist with overcoming employment barriers. This can also include rent and utility assistance, career training programs that offer accredited credentials in the skilled trades, or licensing or certifications in healthcare, technology fields and more.
Because the predevelopment of this Project began during the COVID-19 pandemic, this caused permitting and supply chain issues, resulting in multiple stall for this Project. During that time, the gaps in funding created a need for additional funds.
Emergency action is requested as this project is nearing completion. Without amending the ordinance prior to project completion to correctly reflect the soft costs, the project would have a gap in funding that would delay its completion.
FISCAL IMPACT: None.
CONTRACT COMPLIANCE: the vendor number is 043178 and expires 09/30/24.
Title
To amend Ordinance No. 3301-2022 to allow for reimbursement of project-related soft costs as far back as November 1, 2021, which were incurred prior to the purchase order authorized under Ordinance No. 3301-2022 was approved by the City; and to declare an emergency. ($0.00)
Body
WHEREAS, Ordinance No. 3301-2022, passed December 5, 2022, authorized the Director of Development to enter into a grant agreement in an amount up to $300,000.00 with Olde Towne Investors LLC for the Triumph Apartments development; and
WHEREAS, an amendment to the ordinance to allow for reimbursement of project- related soft costs, rather than infrastructure work, that have been incurred prior to the creation of the purchase order for the grant agreement is needed; and
WHEREAS, without amending the ordinance to correctly reflect the soft costs, the project would have a gap in funding that would delay its completion; and
WHEREAS, Triumph Apartments is located at the corner of Oak and 18th in the City’s Olde Towne East area; and
WHEREAS, the development is mixed income, with six 60% AMI units, thirteen 80% AMI units and at least thirteen or more units affordable to 100% AMI with the units remaining affordable for fifteen years; and
WHEREAS, an emergency exists in the daily operation of the Department of Development in that it is immediately necessary to amend Ordinance 3301-2023, passed by Columbus City Council on December 5, 2022, to prevent a gap in funding that would delay project completion; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That Section 4 of Ordinance No. 3301-2022, passed December 5, 2022, be amended to read as follows: "SECTION 4. That the Director of the Department of Development is hereby authorized to enter into a grant agreement for up to $330,000.00 on behalf of the City with Olde Towne Investors LLC for the Triumph Apartments development and to allow for reimbursement of project-related soft costs that have been incurred prior to the creation of the purchase order as far back as November 1, 2021. It is hereby determined that reimbursement of those project-related soft cost incurred prior to the creation of the purchase order was for a valid public purpose.”
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 which 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 it.