Explanation
This legislation authorizes the Director of the Department of Development to enter into a grant agreement with Columbus Housing Partnership, Inc. DBA Homeport to provide supplemental funding for Easton Loop Apartments II, LLC which consist of 100 affordable units.
Easton Place Homes Phase II is a proposed 100-unit apartment development for families located at Easton Square Place and Charter Oak Way in Columbus, Ohio. The 4.65-acre parcel will be split to create lots on which approximately 200 units of affordable housing will be developed in three phases. Easton Place Homes Phase II is located directly south of the market rate townhomes facing Easton Way, which is the southern boundary of the premier retail/restaurant/entertainment district in Columbus. Major employers, such as JPMorgan Chase and Huntington Bank, employ thousands within walking distance-census data from 2018 indicates 24,000 jobs within a mile of the site-making this an extremely convenient location in all respects.
This grant agreement would provide $750,000.00 for cost increases that have arisen and would further supplement the Capital funds previously granted totaling $6,050,000.00; $2,250,000.00 coming from the 2021 Capital Budget, $2,550,000.00 coming from the 2022 Capital Budget, and $1,250,000.00 from the 2023 Capital Budget. This legislation would authorize the use of funds to pay for eligible costs, including soft costs, which may have been incurred prior to the establishment of the project's purchase order, making those pre-award costs eligible for reimbursement if needed.
Emergency justification is requested for this ordinance as this project is currently under construction.
FISCAL IMPACTS
This ordinance authorizes an expenditure of $750,000.00 in the Neighborhood Partnerships Capital Fund.
CONTRACT COMPLIANCE: the vendor number is 004842 and expires 03/24/26.
Title
To authorize the appropriation of $750,000.00 within the Neighborhood Capital Partnerships Fund; ...
Click here for full text