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 $1,100,000 of financial assistance, in the form of a low-interest loan, to an Ohio limited liability company to be organized and owned, either directly or directly, by Capitol South, CASTO, The Showe Companies or their respective principals (the "Developer"). The Developer proposes to acquire from Capitol South the property on South High Street, situated between Rich and Main Streets and laying immediately west of the City Center Rich Street Parking Facility, and develop the same with a four story, mixed-use structure containing 75 market-rate apartments over street-level commercial space. The design of the project has been approved by the Downtown Commission. The requisite approval has been 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 $1,100,000 of assistance from the Capitol South Downtown Housing Incentive Fund for the development of a four story, mixed-use property on South High Street containing 75 market-rate apartments over street-level commercial space, and declaring 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 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 $1,100,000 of assistance, in the form of a low-interest loan, from the Capitol South DHIF Fund for the development of a four story, mixed-use structure containing 75 market-rate apartments over street-level commercial space, on the property bounded by High Street on the West, Rich Street on the North, the City Center Rich Street Parking Facility on the East and Main Street on the South (the "High and Rich Housing Project"); and
WHEREAS, Capitol South has requested the approval of the City to the provision of such financial assistance; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that expediting the development transaction and commencement of the High and Rich Housing Project will preserve the public health, peace, property, safety and welfare; 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 $1,100,000 of assistance from the Capitol South DHIF Fund for the High and Rich Housing Project.
Section 2. 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 passage and approval by the Mayor or ten days after passage if the Mayor neither approves, nor vetoes, the same.