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 City, acting through its Director of Finance. Capitol South proposes to provide $1,575,000 of financial assistance, in the form of a low-interest loan, to JDS Spring, LLC, an Ohio limited liability company organized and owned by J. Daniel Schmidt and Ronald A. Calhoun or their respective affiliates (the "Developer"). The Developer has acquired the four story Electric Power and Equipment Building and the adjacent development site, both at 60 East Spring Street, and proposes to redevelop the same with 68 market-rate apartments and 37 for-sale residential units. The design of the project has been approved by the Downtown Commission. The requisite approval is being requested from the City.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of Finance to approve the provision by Capitol South of $1,575,000 of assistance from the Capitol South Downtown Housing Incentive Fund for the redevelopment of an existing building and adjacent development site, both at 60 East Spring Street, with 68 market-rate apartments and 37 for-sale residential units.
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 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, the Capitol South Board of Managing Trustees has approved the provision of $1,575,000 of assistance, in the form of a low-interest loan, from the Capitol South DHIF Fund for the redevelopment of the four-story Electric Power and Equipment Building and the adjacent development site, both at 60 East Spring Street, with 68 market-rate apartments and 37 for-sale residential units (the "60 East Spring Housing Project"); and
WHEREAS, Capitol South has requested the approval of the City to the provision of such financial assistance; and NOW, THEREFORE,
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 approve the provision of $1,575,000 of assistance from the Capitol South DHIF Fund for the 60 East Spring Housing Project; and
Section 2. That this Ordinance shall take effect and be in force from and after the earliest period provided by law.