Explanation
BACKGROUND
This ordinance authorizes the Director of the Department of Development to modify (Modification No. 1) a grant agreement with Columbus Housing Partnership, Inc. (aka "Homeport") for the Easton Place Homes Phase II development to adjust the project’s income averaging method from levels of 30% AMI to 60% AMI to income levels from 30% AMI to 70% AMI. The amount of the agreement will not change.
Orig. Agreement $6,050,000.00 Ord. 1821-2022, 2484-2022, 3296-2022, 2011-2023 PO421051
Modification No. 1 $ 0.00
Total $6,050,000.00
The original ordinance, Ord. No. 1821-2022, passed on July 11, 2022, authorized the Director of Development to enter into a Housing Development Agreement to support the project for $4,800,000.00 in total and a grant agreement for $2,250,000.00 with Easton Loop Apartments II, LLC.
However, the correct grant recipient was the Columbus Housing Partnership, Inc., (aka "Homeport"). An amendment to the original ordinance was approved under Ordinance No. 2484-2022, passed on September 19, 2022, to correct the grant recipient for the project.
A third ordinance, Ord. No. 3296-2022, passed on December 12, 2022, provided an additional $2,550,000.00 for the project to fulfill the $4,800,000.00 total original commitment.
The fourth ordinance, Ord. No. 2011-2023, passed on July 31, 2023, provided an additional $1,250,000.00 to the project, authorized a restrictive covenant, 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. The ordinance also permitted the assignment of some or all duties and responsibilities under the agreement to the project owner, Easton Loop Apartments II, LLC.
The grant agreement for the total project contribution of $6,050,000.00 was created under purchase order PO421051.
This modification will adjust the mix of income levels as defined in the grant agreement from 30% AMI to 60% AMI to 30% AMI to 70%...
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