Explanation
BACKGROUND
This legislation authorizes the Director of the Department of Development to enter into a Housing Development Agreement (HDA) with Central Ohio Community Land Trust, an Ohio Non-profit Corporation (hereinafter the “COCLT”). The COCLT is a subsidiary of the Central Ohio Community Improvement Corporation, the Franklin County Land Reutilization Corporation.
In 2022, City Council authorized a $12,000,000.00 Housing Development Agreement (“HDA”), permitting the construction of affordable homeownership houses in Columbus neighborhoods using land bank lots. This legislation will authorize the Director of the Department of Development to enter into a new HDA for $20,000,000.00, pending future availability of funds under the City’s affordable housing bonds. Entering into an HDA allows the COCLT to enter into development agreements prior to the availability of funds. The Department of Development agrees to submit future legislation to City Council to authorize one or more Agreements for the total funding commitment.
FISCAL IMPACTS
There is no fiscal impact for this legislation.
CONTRACT COMPLIANCE: the vendor number is 039810 and expires 2/26.
Title
To authorize the Director of the Department of Development to enter into a Housing Development Agreement with the Central Ohio Community Land Trust, to outline the plans and certain commitments of the parties relating to the proposed redevelopment of land bank lots located in various Columbus neighborhoods. ($0.00)
Body
WHEREAS, by Ordinances 0227-2019 and 0872-2020, Columbus City Council authorized the Director of the Department of Development to enter into an agreement with the Central Ohio Community Improvement Corporation to establish a Community Land Trust and authorized the expenditure of $4,000,000.00; and
WHEREAS, by Ordinances 1237-2020 and 2751-2020, Columbus City Council authorized the Director of Development to enter into Housing Development Agreements for up to $5,000,000.00 to construct COCLT houses in various Columbus neighborhoods; and
WHEREAS, by Ordinance 1059-2021, Columbus City Council authorized the expenditure of an additional $3,060,000.00 to fund additional trust projects; and
WHEREAS, by Ordinance 2522-2022, Columbus City Council authorized the Director of Development to execute a Housing Development Agreement for $12,000,000.00 and authorized the expenditure of $4,000,000.00 under the agreement; and
WHEREAS, by Ordinance 3377-2023, Columbus City Council authorized the Director of Development authorized the expenditure of $4,000,000.00 under the agreement; and
WHEREAS, A companion Ordinance will seek a final $4,000,000.00 allocation under the Housing Development Agreement, to bring the total expenditure to $12,000,000.00; and
WHEREAS, the COCLT and the City propose a new HDA for $20,000,000.00 for new COCLT projects in 2025 and 2026; and
WHEREAS, the Parties desire to memorialize their understanding and agreements with respect to such cooperation; and
WHEREAS, the City's agreement to provide financial assistance as set forth herein is contingent upon authorization pursuant to subsequent passage of appropriate legislation by Columbus City Council; 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 Housing Development Agreement for $20,000,000.00 on behalf of the City with the Central Ohio Community Land Trust, an Ohio Non-profit Corporation, to outline the plans and certain commitments of the parties relating to the proposed redevelopment of various sites located in Columbus neighborhoods.
SECTION 2. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.