Explanation
BACKGROUND: The purpose of this ordinance is to give the Director of the Department of Development the authority to enter into the American Addition Neighborhood Economic Development Agreement (EDA) with Central Ohio Housing Development Organization (also known as COHDO) for the redevelopment of the American Addition. The EDA outlines various actions and associated agreements required for the completion of the American Addition redevelopment project. Execution of the EDA will be followed by subsequent legislation to authorize portions of the EDA to be implemented.
The American Addition is located in the northeast quadrant of the City and is bounded on the north by the alley north of 12th, on the south by Dolphin Alley, on the east by Petrel and Helena Alleys and on the west by Joyce Avenue. Both COHDO and its affiliate Columbus Housing Partnership have worked extensively with American Addition residents to ensure the proposed development complements the neighborhood and area plans to construct over 100 residential units. Over 100 vacant parcels have been purchased to date. The private investment is estimated at $12 to $22 million.
Under the EDA, subject to passage of future ordinances, the City commits to constructing street and utility improvements benefiting the area and the project in the amount of $10 million. The boundaries of the Linden Community Reinvestment Area have been expanded to include the American Addition allowing for a 100% tax exemption for 10, 12 and 15 years, depending on the type of unit.
FISCAL IMPACT: There are no immediate costs to the City of Columbus associated with the EDA. Future legislation will be submitted to authorize design and construction contracts totaling $10 million.
EMERGENCY JUSTIFICATION: This legislation is submitted as an emergency to facilitate subsequent legislation required to move the project forward.
Title
To authorize the Director of Development to enter into the American Addition Neighbor...
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