Explanation
BACKGROUND: This legislation authorizes the appropriation of $60,000 from the Capital South Debt Service Fund and authorizes the Director of the Department of Development to enter into a deferred loan agreement with Community Housing Development, Inc. (CHD) in the amount of $60,000. The funds provided by the agreement will be used by CHD as gap financing to move 3 residential structures that otherwise would be demolished. The properties are located on S. Fourth Street in Merion Village and will be moved within the neighborhood to E. Morrill near the intersection of E. Morrill and S. Fourth Street.
Emergency action is requested due to the timing of the project and to enable the nonprofit recipient to avoid unnecessary delays.
FISCAL IMPACT: This ordinance appropriates and authorizes the expenditure of $60,000 from the Capital South Debt Service Fund.
Title
To authorize the appropriation of $60,000 from the unappropriated balance of the Capital South Debt Service Fund to the Department of Development; to authorize the Director of the Department of Development to enter into a deferred loan agreement with Community Housing Development, Inc. in the amount of $60,000; to authorize the expenditure of $60,000 from the Capital South Debt Service Fund; and to declare an emergency ($60,000).
Body
WHEREAS, there exists an opportunity to assist Community Housing Development, Inc., with gap financing to facilitate a housing project involving the physical move of three residential structures resulting in the revitalization of a blighted neighborhood as opposed to these structures being demolished: and
WHEREAS, the CHD assists with the rehabilitation and production of affordable housing and the enhancement of home ownership opportunities in a defined Columbus neighborhood; and
WHEREAS, the Merion Village Civic Association has played a strong role in the project to move the structures and is extremely supportive of this neighborhood revitalization activity to benefit to the neighborhood; and.
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Housing Division, in that it is immediately necessary to enter into an agreement with CHD so that the specific project will not be delayed thereby preserving the public health, peace, property, safety, and welfare; and NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That from the unappropriated monies in the Capital South Debt Service Fund, Fund No. 481, and from all monies estimated to come into said funds from any and all sources, and unappropriated for any other purposes during the fiscal year ending December 31, 2006, the sum of $60,000 is hereby appropriated to the Department of Development, Division 44-10, Fund 481, Object Level One 05, Object Level Three 5528, OCA Code 445481.
Section 2. That the Director of the Department of Development be and is hereby authorized to enter into a deferred loan agreement with Community Housing Development, Inc., to provide funds for a specific housing project involving the physical move of three residential structures.
Section 3. That for the purpose as stated in Section 2, the expenditure of $60,000.00, or so much thereof as may be necessary, be and is hereby authorized to be expended from the Capital South Debt Service Fund, Department of Development, Housing Division 44-10, Fund 481, Object Level One 05, Object Level Three 5528, OCA Code 445481.
Section 4. 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.