City of Columbus - File #: 2011-2023

• File #: 2011-2023
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 6/28/2023
• In control: Housing Committee
• On agenda: 7/31/2023
• Final action: 8/2/2023
• Title: To amend Ordinance No. 3296-2022 to authorize the additional expenditure of $1,250,000.00 to Columbus Housing Partnership, Inc., (aka "Homeport") for the Easton Place Homes Phase II development (the "Project"); to amend the 2023 Capital Improvement Budget; to authorize the City Auditor to transfer funds within the Affordable Housing Bond Fund; to authorize a third amendment to the Bond Funded Grant Agreement; to authorize the filing of a restrictive covenant on the Project; to authorize the assignment of some or all duties and responsibilities under the Bond Funded Grant Agreement to the project owner; and to declare an emergency. ($1,250,000.00)

Date	Ver.	Action By	Action	Result
8/2/2023	1	ACTING CITY CLERK	Attest
8/2/2023	1	MAYOR	Signed
7/31/2023	1	COUNCIL PRESIDENT	Signed
7/31/2023	1	Columbus City Council	Approved	Pass

Explanation

BACKGROUND
This legislation amends Ordinance No. 3296-2022, passed on December 12, 2022, to appropriate additional funds to the grant agreement with Columbus Housing Partnership, Inc. (aka "Homeport") for Easton Place Homes Phase II development. This amendment also authorizes the filing of a restrictive covenant for the project, allowing for some units to be utilized for the City's HOME match requirement which is an obligation for the City's HOME entitlement allocation. Additionally, Columbus Housing Partnership, Inc., may assign some or all duties and responsibilities under the bond agreement to the project owner, Easton Loop Apartments II, LLC.
The original Ordinance No. 1821-2022 passed on July 11, 2022, authorized the Director to enter into a Housing Development Agreement for the total contract amount of $4,800,000.00 and a grant agreement for $2,250,000.00 coming from the 2021 Capital Budget with Easton Loop Apartments II, LLC. Upon further discussion, the correct recipient should have been the Columbus Housing Partnership, Inc., (aka "Homeport"), so an amendment to the original ordinance was established and was authorized by Ordinance No. 2484-2022 passed on September 19, 2022.
The original ordinance established an ACPO007959 in the amount of $2,250,000.00 utilizing Affordable Housing bond funds coming from the 2021 Capital Budget. A second amendment, authorized by Ordinance No. 3296-2022, passed on December 12, 2022, provided the remaining $2,550,000.00 from the City’s 2022 Capital Budget through a bond agreement funded temporarily with the Special Income Tax Fund until bonds could be issued (the "Bond Funded Grant Agreement").
This ordinance authorizes an amendment to allow the establishment of an additional amount of $1,250,000.00 from the City's 2023 Capital Budget ("Third Amendment"), bringing the total amount of established funds to $6,050,000.00; $2,250,000.00 coming from the 2021 Capital Budget, $2,550,000.00 coming from the 2022...