Explanation
BACKGROUND
This ordinance authorizes the Director of Development to amend a grant agreement with Erie Ohio Capital CDFI Fund, LLC for the Starling Yard housing project to allow for the reimbursement of project costs incurred prior to the creation of the purchase order.
Original HD Agreement $0.00 Ord. 2041-2022
Original Grant Agreement $3,500,000.00 Ord. 3283-2022 PO387354
Mod. No. 1 to Grant Agreement $ 0.00
Total Agreement Amount $3,500,000.00
Until bond funds could be issued, pursuant to Ordinance No. 2041-2022, the City entered into a Housing Development Agreement with Erie Ohio Capital CDFI Fund, LLC, ("Grantee") which was initially funded temporarily with the Special Income Tax Fund. Ordinance No. 3283-2022 passed on November 17, 2022, authorized the City's Director of Development to enter into a bond-funded grant agreement with the Grantee in the amount of $3.5 million (the "Grant Agreement"). This legislation will authorize an amendment to the Grant Agreement to authorize the reimbursement of project costs to the Grantee prior to the issuance of a purchase order ("Project Costs").
The Grant Agreement, and the previous legislation, pertains to the Starling Yard project that will be constructed on the former school site located at 120 South Central Avenue. The property contains the historic 1908 Starling School (originally built as West High School), and is bounded on its perimeter by existing housing (north, east, and south), as well as the new Starling Middle School, West Central School and existing senior apartments to the west. The site is walkable to the West Broad Street corridor, which contains a number of restaurants and retail stores. The Franklinton Branch of the Columbus Metropolitan Library and City of Columbus Fire Station and EMS Station 10 are just a short distance away...
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