Explanation
Background: City Council has previously authorized Capitol South Community Urban Redevelopment Corporation ("Capitol South") to create the Capitol South Downtown Housing Incentive Fund (the "Capitol South DHIF"). If financial assistance from the Capitol South DHIF to any one housing project exceeds $250,000, then the same requires the approval of the Capitol South Board of Managing Trustees and the consent of the City, acting through its Director of Finance. Capitol South proposes to provide $1,500,000 of financial assistance to an Ohio limited liability company to be organized and owned, either directly or indirectly, by Capitol South, MAS Companies, Richard Whaley, Thomas McVay and Dennis Dean (the "Developer"). The Developer proposes to acquire from Capitol South the property located generally at the southwest corner of Rich and High Streets and to develop the same with a six story, mixed-use structure containing approximately 48 for-sale residential condominium units over street-level commercial space.
Fiscal Impact: None.
Title
To authorize the Director of Finance to approve the provision by Capitol South of $1,500,000 of assistance from the Capitol South Downtown Housing Incentive Fund for the development of a six story, mixed-use property on South High Street containing approximately 48 for-sale residential condominium units over street-level commercial space and to declare an emergency.
Body
WHEREAS, the City of Columbus (the "City") and Capitol South Community Urban Redevelopment Corporation ("Capitol South") are parties to an Operative Agreement, dated to be effective June 30, 2001, which among other things provides for the creation of the Capitol South Downtown Housing Incentive Fund (the "Capitol South DHIF"); and
WHEREAS, the Operative Agreement requires the approval of the Capitol South Board of Managing Trustees and the consent of the City, acting through its Director of Finance, whenever Capitol South proposes to provide more than $250,000 of assistance from the Capitol South DHIF to any one downtown housing project; and
WHEREAS, Capitol South has sought the consent of the City to the provision of $1,500,000 of assistance, in the form of a deferral of a portion of the purchase price for the development site and of an equity investment or, depending upon the final transaction structure, of a low-interest loan, from the Capitol South DHIF Fund for the development of a six story, mixed-use structure containing 48 for-sale residential condominium units over street-level commercial space, on the property situated generally at the southwest corner of Rich and High Streets (the "One Rich Street Housing Project"); NOW, THEREFORE, and;
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to pass this ordinance as an emergency measure because the property must be acquired and re-conveyed to Capitol South, tenants must be relocated and the existing buildings must be razed, all in time for the scheduled October commencement for the preservation of the public health, peace, property, safety, and welfare;
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of Finance be and he is hereby authorized to consent to the provision by Capitol South of $1,500,000 of assistance from the Capitol South DHIF Fund for the One Rich Street Housing Project; and
Section 2. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.