Explanation
BACKGROUND: Ordinance 0227-2019 authorized the Director of Development to enter into an agreement with the Central Ohio Community Land Trust and spend up to $3.8m to develop affordable housing. This legislation authorizes the modification of the agreement to add an additional $200,000. One of the co-developers requested an allocation of Homeownership Development Program funds, this modification will allow all funds to be granted under one agreement.
Original Contract Amount $3,800,000.00 PO162037
Modification 1 $200,000.00
Total Contract Amount $4,000,000.00
FISCAL IMPACT: Funds are available in the Development Taxable Bonds Fund ($200,000).
EMERGENCY JUSTIFICATION: Emergency action is requested in order to modify an agreement for spring construction.
Title
To amend the 2019 Capital Improvement Budget; to authorize the Director of the Department of Development to modify an existing agreement with the Central Ohio Community Land Trust by increasing the maximum expenditures by $200,000.00; to appropriate and transfer funds within the Development Taxable Bond Fund; to authorize an expenditure of $200,000.00 from the 2019 Development Taxable Bond Fund; and to declare an emergency ($200,000.00).
Body
WHEREAS, since the establishment of Franklin County’s Land Reutilization Corporation, the Central Ohio Community Improvement Corporation (COCIC), and the City’s Land Reutilization Program (Land Banks) have worked in close partnership to identify and target vacant and abandon properties to remove blight from Columbus neighborhoods; and
WHEREAS, the partnership has resulted in the reduction of vacant and abandoned properties in the City and the accumulation of hundreds of vacant lots located in neighborhoods ready for investment; and
WHEREAS, COCIC has created a not-for-profit subsidiary, the Central Ohio Community Land Trust (COCLT), to serve as a community land trust on the behalf of the City of Columbus and Franklin County; and
WHEREAS, o...
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