Explanation
BACKGROUND: This ordinance authorizes the Director of Development to enter into grant agreement totaling $500,000.00 with Ohio Baptist General Convention, Inc. for the 48 Parkwood Project. The project scope will include two components: First, the renovation of the historic 48 Parkwood, which is a 3-story masonry structure with a front porch. Each of the three floors will contain three 1-bedroom or studio sized apartments, each with their own kitchen and bathroom.
The second component of the scope will be the demolition of two non-historic structures adjacent and south of 48 Parkwood. In their place will be constructed a new 3-story wood frame structure with 9 units on each floor (total: 27 units). When completed, the project will deliver 36 residential units, all of which will be affordable at or below 80% AMI and 10 of which will be affordable to households earning at or below 70% AMI.
Emergency action is requested to allow the project to obtain all necessary funding to begin construction.
Contract Compliance: the vendor number is 034955 and expires 2/23/23.
Fiscal Impact: $500,000.00 is available in the 2020 Capital Improvement Budget, Affordable Housing Taxable bond fund. An amendment to the 2020 Capital Budget is required to establish sufficient budget authority for the project.
Title
To amend the 2020 Capital Improvement Budget; to authorize the City Auditor to transfer funds within the Affordable Housing Bond Fund; to authorize the Director of Development to enter into a grant agreement with Ohio Baptist General Convention, Inc. in an amount up to $500,000.00 for the 48 Parkwood project; to authorize the expenditure of up to $500,000.00; and to declare an emergency. ($500,000.00).
Body
WHEREAS, the Columbus City Council approved Ordinance 2521-2020 establishing the 2020 Capital Improvement Budget; and
WHEREAS, the Ohio Baptist General Convention, Inc proposed development of the 48 Parkwood project totaling 36 residential un...
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