Explanation
BACKGROUND
This Ordinance is to authorize the Director of the Department of Development to enter into a Capital Contribution Agreement (the “Agreement”) with Diehl Development Partnership, LLC (the “Developer”), for the purpose of reimbursing the Developer for certain eligible project soft and hard costs associated with the design, relocation, and construction of public infrastructure improvements within the public right-of-way including but not limited to Elijah Pierce Avenue, Keifer Street, and Hamilton Avenue. Approval is also requested for reimbursement of expenses incurred on or after August 30, 2023 to align with the commencement of the Project, defined below, that occurred prior to funds being available in the 2024 bond sale for the 2023 Capital Improvement Budget. This Ordinance also authorizes the Director of the Department of Development to enter into a Housing Development Agreement with the Developer.
The Developer proposes The Diehl, an approximately $22 million mixed-use residential and retail development that will include 89 workforce housing units and 4,600 square feet of retail space (the “Project”) on the site of the former Diehl Whittaker Funeral Home generally located at 700 E. Long Street, and identified as Franklin County Tax Parcel 010-001222-00. The Project will consist of 51% of the residential units affordable at or below 80% area median income (“AMI”), 47% of the residential units affordable at or below 100% AMI, and 2% of the residential units affordable at or below 120% AMI.
EMERGENCY: Emergency action is requested in order to authorize the Department of Development to execute the agreements as quickly as possible to allow immediate reimbursement of the utility relocation portion of the public infrastructure improvements, which required advance payment by the Developer to the utility company to guarantee the price for sixty days or such costs may have increased thereby increasing the costs to the City.
FISCAL IMPACT:...
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