Explanation
BACKGROUND: This ordinance authorizes the expenditure of up to $2,000,000.00 from the Housing Preservation Fund 782 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 million, multi-phase redevelopment of the Poindexter Village area. The area runs to Mt. Vernon Avenue to the north, Ohio Avenue to the west, Long Street to the south and Hughes Street to the east.
In June 2014, the U.S. Department of Housing and Urban Development (HUD) awarded CMHA a $30 million 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 future funding requests to City Council totaling $6 million in Housing Preservation funding.
FISCAL IMPACT: Cash is available in the Housing Preservation Fund 782 of the 2015 Capital Improvements Budget.
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 of, 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 2015 Housing Preservation Fund. ($2,000,000.00)
Body
WHEREAS, the Columbus Metropolitan Housing Authority (CMHA) was awarded a $30 million Choice Neighborhood Implementation grant from the U.S. Department of Housing and Urban Development (HUD) to begin the $250 million 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 $2,000,000.00 from the Housing Preservation Fund to assist with the development of mixed income rental housing; and
WHEREAS, these funds 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 future funding requests totaling $6 million to City Council for later phases of the project; and
WHEREAS, it has become necessary in the usual daily operation of the Department of Development to authorize the Director to enter into a grant agreement with CMHA in order to assist with the redevelopment 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 of, 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 $2,000,000.00 or so much thereof as may be needed, is hereby authorized to be expended from the Housing Preservation Fund as follows:
Fund / Project / Project Name / O.L. 01-03 Codes / OCA / Amount
782 / 590416-100002 / Poindexter Village Redevelopment-Housing / 06-6617 / 784162 / $2,000,000.00
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 the City Auditor is authorized to make any accounting changes to revise the funding source for any contract or contract modification associated with this Ordinance.
SECTION 6. That the City Auditor is hereby authorized to transfer the unencumbered balance in a project account to the unallocated balance account within the same fund upon receipt of certification by the Director of the Department administering said project that the project has been completed and the monies are no longer required for said project.
SECTION 7. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.