Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a grant agreement with Columbus Housing Partnership, Inc. DBA Homeport to provide supplemental funding for Easton Place Homes LLC which consist of 50 affordable units.
Easton Place Homes Phase 1 is a proposed 50-unit apartment development for families located at the corner of Easton Loop West and Charter Oak Way in Columbus, Ohio. This is the first phase of a larger plan for 200 affordable units on a 4.65-acre parcel. Easton Place Homes is located directly south of the market rate townhomes facing Easton Way, which is the southern boundary of the premier retail/restaurant/entertainment district in Columbus. Major employers, such as JPMorgan Chase and Huntington Bank, employ thousands within walking distance Census data from 2018 indicates 24,000 jobs within a mile of the site-making this an extremely convenient location in all respects.
The property will consist of two three-story apartment buildings with a combination of townhomes and stacked flats. Easton Place Homes Phase 1 will offer a mix of 17 one-bedroom, 22 two-bedroom, and 11 three-bedroom apartments. Community space includes a community room with kitchenette, fitness room and management office. Easton Place Homes Phase 1 will serve a mix of income levels from 30% AMI to 70% AMI. Depending on final utility allowances, net rents for the different unit sizes are estimated at $360-850 for one-bedroom, $440-1105 for two-bedroom and $490-1250 for three-bedroom apartments.
Emergency justification is requested for this ordinance to facilitate completion of project financing.
FISCAL IMPACTS
Funding is provided within the Department of Development’s 2024 General Fund Budget.
CONTRACT COMPLIANCE: the vendor number is 004842 and expires 03/24/26.
Title
To authorize the Director of Development to enter into a grant agreement with Columbus Housing Partnership, Inc. DBA Homeport to provide supplemental funding for Easton Place Homes, LLC; to authorize the transfer and expenditure of $250,000.00 from the General Fund; to authorize expenditures prior to the execution of a purchase order; to authorize advanced payments per a predetermined schedule; and to declare an emergency. ($250,000.00)
Body
WHEREAS, Easton Place Homes Phase 1I is a proposed 50-unit apartment development for families located at Easton Square Place and Charter Oak Way in Columbus, Ohio; and
WHEREAS, the 4.65-acre parcel will be split to create lots on which approximately 200 units of affordable housing will be developed in three phases; and
WHEREAS, Easton Place Homes Phase I is located directly south of the market rate townhomes facing Easton Way, which is the southern boundary of the premier retail/restaurant/entertainment district in Columbus’ and
WHEREAS, this grant agreement would provide $250,000.00 for cost increases that have arisen and would further supplement the HOME funds previously granted; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to authorize the Director to enter into a grant agreement to provide supplemental funding to facilitate completion of project financing, for the immediate preservation of 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 Development is hereby authorized to enter into a grant agreement in the amount of $250,000.00 with Columbus Housing Partnership, Inc. DBA Homeport, to allow for reimbursement of expenses prior to the execution of a purchase order, and to authorize advance payments per a predetermined schedule.
SECTION 2. That the transfer of $250,000.00, or so much thereof as may be needed, is hereby authorized within Fund 1000 (General Fund), from Dept.-Div. 44-01 (Administration), object class 03 (Services) to Dept.-Div. 4410 (Housing), object class 05 (Other) per the account codes in the attachment to this ordinance.
SECTION 3. That the expenditure of $250,000.00 or so much thereof as may be needed, is hereby authorized in fund 1000 (General Fund), Dept. 4410 (Housing) in object class 05 (Other) per the account codes in the attachment to this ordinance.
SECTION 4. That the fund 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 5. 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 6. 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.