Explanation
BACKGROUND: This ordinance authorizes the expenditure of up to $2,000,000 from the 2017 Development Taxable Bonds Fund 7739 to assist in the costs of redevelopment for the area known as Poindexter Village. The funds will assist with the development of mixed income rental housing and act as local match for the Choice Neighborhoods grant made to the Columbus Metropolitan Housing Authority.
The Columbus Metropolitan Housing Authority (CMHA) is undertaking a $250,000,000, multi-phase redevelopment of the Poindexter Village area. The area is bounded by Mt. Vernon Avenue on the north, Ohio Avenue on the west, Long Street on the south and Hughes Street on the east.
In June 2014, the U. S. Department of Housing and Urban Development (HUD) awarded CMHA a $30,000,000 Choice Neighborhood Implementation (CNI) grant to begin the redevelopment of the Poindexter Village area. In support of CMHA’s redevelopment efforts, the Department of Development anticipates submitting funding requests to City Council totaling $6,000,000 in Housing Preservation funding. This request is installment Number 3 of 3.
Emergency action is requested in order to maintain the development project timelines of the Poindexter Village area.
FISCAL IMPACT: The funding for this contract ($2,000,000) is fully budgeted within the 2017 Capital Improvements Budget, Fund 7739 Development Taxable Bonds.
Title
To authorize the Director of the Department of Development to enter into a grant agreement with the Columbus Metropolitan Housing Authority (CMHA), or a subsidiary thereof, to make financial assistance available for the redevelopment of the area known as Poindexter Village; and to authorize the expenditure of $2,000,000.00 from the 2017 CIP Poindexter Village Fund; and to declare an emergency. ($2,000,000.00)
Body
WHEREAS, the Columbus Metropolitan Housing Authority (CMHA) was awarded a $30,000,000 Choice Neighborhood Implementation grant from the U. S. Department of Housing and Urban Development (HUD) to begin the $250,000,000 redevelopment of the Poindexter Village Area; and
WHEREAS, the current phase requires the Director of the Department of Development to enter into a grant agreement with CMHA to allow the expenditure of up to $2,000,000 from the Housing Preservation Fund to assist with the development of mixed income rental housing; and
WHEREAS, these funds are will act as local match for the Choice Neighborhoods Implementation grant awarded to the Columbus Metropolitan Housing Authority; and
WHEREAS, it is necessary to authorize the expenditure of funds from the Housing Preservation Fund to assist with the redevelopment of the Poindexter Village area; and
WHEREAS, the Department of Development has committed to submitting requests totaling $6,000,000 to City Council for this phase of the project; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development whereby it is immediately necessary to authorize the Director of the Department of Development to enter into a grant agreement with CMHA in order to maintain the development project timelines of the Poindexter Village area; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development is authorized to enter into a grant agreement with the Columbus Metropolitan Housing Authority (CMHA), or a subsidiary thereof, to make financial assistance available for the redevelopment of the area known as Poindexter Village.
Section 2. That for the purpose stated in Section 1, the sum of up to $2,000,000 or so much thereof as may be needed is hereby authorized in Fund 7739, CIP Poindexter Village Object Class 06 Capital Outlay per the accounting codes in the attachment to this ordinance.
Section 3. That the monies authorized in the foregoing Section 2 shall be paid upon the order of the Director of the Department of Development and that no order shall be drawn or money paid except by voucher, the form of which shall be approved by the City Auditor.
Section 4. 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 5. That for 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 passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.