Explanation
BACKGROUND
This ordinance authorizes the Director of the Department of Development to modify (Modification No. 1) a grant agreement with Erie Ohio Capital CDFI Fund, LLC for the Broadleigh Lofts project to adjust the soft cost allocation originally presented in the agreement.
Original Agreement $ 2,000,000.00 Ord. 1964-2024 PO488705
Modification No. 1 $ 0.00
Total $ 2,000,000.00
Under Ordinance No. 2894-2023, passed October 30, 2023, the City entered into a Housing Development Agreement with Erie Ohio Capital CDFI Fund, LLC for the Broadleigh Lofts project. Ordinance No. 1964-2024, passed on July 15, 2024, authorized the City's Director of Development to enter into a bond-funded grant agreement with Erie Ohio Capital CDFI Fund, LLC in the amount of $2.0 million. This legislation will authorize a modification to the agreement to adjust the budget allocation of soft cost categories for legal, engineering, and title and recording fees. There will be no change to the total grant amount.
Broadleigh Lofts will be three separate buildings consisting of three-story midrise buildings, situated on a vacant site in the Broadleigh neighborhood of Columbus. The development will provide integrated housing for households of 30-80% AMI, contain onsite manager’s office, a children’s playground, and community space. The proposed development, located at 3150 Allegheny Avenue in Columbus, Ohio, will total 84-units of affordable multi-family housing. The site is one parcel of approximately 3.8 acres and is currently blighted and unimproved and has been vacant for over 10 years. The location is within walking distance of the City of Columbus School District’s K-12 Africentric School as well as a convenience store, multiple restaurant options, and located along a COTA bus route.
The property will be mixed income, featuring affordable housing ranging from 30% AMI, up to 80% AMI, accommodating various household sizes including one, two, and three bedrooms....
Click here for full text