Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into an agreement with Gambit Investments LLC (Gambit). The funds provided by the agreement will be used to undertake the acquisition and rehabilitation components of the Home Again Initiative. Gambit currently facilitates the production of affordable housing and the enhancement of home ownership opportunities in Columbus. This legislation authorizes the expenditure of $60,000.00 to Gambit for the acquisition and rehabilitation of vacant houses to increase the supply of decent, safe, sanitary and affordable housing as well as to enhance neighborhood revitalization activities. Specifically, the proposal is to provide the funds to Gambit to selectively target redevelopment of vacant properties for redevelopment and to ensure maximum neighborhood revitalization potential of the Model Zone area of the City.
The Housing Preservation Fund represents the City's commitment to the preservation of housing units affordable to low and moderate-income individuals.
Emergency action is necessary to allow the rehabilitation of vacant properties to begin immediately.
Gambit Investments LLC, contract compliance number 010772312, expires 12/04/10.
FISCAL IMPACT: Funding is from the Housing Preservation Fund - 2007 Capital Improvements Budget.
Title
To authorize the Director of the Department of Development to enter into an agreement with Gambit Investments LLC to implement a component of the City's Home Again Initiative; to authorize the expenditure of $60,000 from the Housing Preservation Fund; and to declare an emergency. ($60,000.00) (REPEALED BY ORD. 0646-2009 PASSED 5/11/2009)
Body
WHEREAS, the Department of Development desires to enter into an agreement with the Gambit Investments LLC (Gambit) and to expend $60,000.00 in bond proceeds; and
WHEREAS, these monies will be used to assist in implementing the Home Again Initiative to preserve the supply of...
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