Explanation
BACKGROUND
This ordinance authorizes the Director of the Department of Development to enter into a grant agreement with TCG Elford Broad Apartments Holdings LLC for development of a 240-unit workforce housing development in an amount up to $2,200,000.00. This agreement will also permit expenses incurred prior to the creation of the purchase order, starting January 1, 2023, for soft costs including architectural and engineering fees, legal and recording fees, and permanent loan fees.
TCG Elford Broad Apartments Holdings, LLC is a joint venture of Elford Development and Trident Capital Group for the development of a $51,347,120.00 million, 240-unit workforce housing project with at least 20% of the units structured with AMI restrictions on a 16.51-acre site located at 260 Taylor Station Road. The project will have a management office, clubhouse with common room, meeting area, package room, fitness center, resort style pool, cabana area, volleyball court, dog park, children’s play area, outdoor fire pits with seating, grilling stations and detached garages.
The overall development is in close proximity to multiple employment centers including Mt. Carmel East Hospital (.30 of a mile), Ohio Gastro Group (.23 of a mile), the Westbourne Ave commercial developments (.30 of a mile), and the Outerbelt Street commercial area (.40 of a mile). The project has excellent access to I-270 (1 mile from site) for convenient access to the entire metro employment area. The project is located near the #10 COTA bus route on Broad Street (.25 of a mile) that provides access east and west in the City as well as the #25 Cota bus route on Taylor Station (.25 of a mile) that provides north and south access in the City. The proximity to job sites and to the transportation routes in the City of Columbus is excellent.
The site is also conveniently located near the E. Broad Street Giant Eagle grocery store (1.0 of a mile) as well as other food and service providers in the Eas...
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