City of Columbus - File #: 1152-2006

• File #: 1152-2006
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 6/15/2006
• In control: Health, Housing & Human Services Committee
• On agenda: 7/10/2006
• Final action: 7/12/2006
• Title: To authorize the appropriation of $60,000 from the unappropriated balance of the Capital South Debt Service Fund to the Department of Development; to authorize the Director of the Department of Development to enter into a deferred loan agreement with Community Housing Development, Inc. in the amount of $60,000; to authorize the expenditure of $60,000 from the Capital South Debt Service Fund; and to declare an emergency ($60,000).

Date	Ver.	Action By	Action	Result
7/12/2006	1	CITY CLERK	Attest
7/11/2006	1	MAYOR	Signed
7/10/2006	1	Columbus City Council	Approved	Pass
7/10/2006	1	COUNCIL PRESIDENT	Signed
6/29/2006	1	Dev Drafter	Sent for Approval
6/29/2006	1	Dev Drafter	Sent to Clerk's Office for Council
6/29/2006	1	CITY ATTORNEY	Reviewed and Approved
6/28/2006	1	Dev Drafter	Sent for Approval
6/28/2006	1	FINANCE DIRECTOR	Reviewed and Approved
6/28/2006	1	CITY AUDITOR	Reviewed and Approved
6/28/2006	1	Auditor Reviewer	Reviewed and Approved
6/28/2006	1	Finance Reviewer	Reviewed and Approved
6/27/2006	1	Dev Drafter	Sent for Approval
6/27/2006	1	Dev Drafter	Sent for Approval
6/27/2006	1	DEVELOPMENT DIRECTOR	Reviewed and Approved

Explanation

BACKGROUND: This legislation authorizes the appropriation of $60,000 from the Capital South Debt Service Fund and authorizes the Director of the Department of Development to enter into a deferred loan agreement with Community Housing Development, Inc. (CHD) in the amount of $60,000. The funds provided by the agreement will be used by CHD as gap financing to move 3 residential structures that otherwise would be demolished. The properties are located on S. Fourth Street in Merion Village and will be moved within the neighborhood to E. Morrill near the intersection of E. Morrill and S. Fourth Street.

Emergency action is requested due to the timing of the project and to enable the nonprofit recipient to avoid unnecessary delays.

FISCAL IMPACT: This ordinance appropriates and authorizes the expenditure of $60,000 from the Capital South Debt Service Fund.



Title

To authorize the appropriation of $60,000 from the unappropriated balance of the Capital South Debt Service Fund to the Department of Development; to authorize the Director of the Department of Development to enter into a deferred loan agreement with Community Housing Development, Inc. in the amount of $60,000; to authorize the expenditure of $60,000 from the Capital South Debt Service Fund; and to declare an emergency ($60,000).



Body

WHEREAS, there exists an opportunity to assist Community Housing Development, Inc., with gap financing to facilitate a housing project involving the physical move of three residential structures resulting in the revitalization of a blighted neighborhood as opposed to these structures being demolished: and

WHEREAS, the CHD assists with the rehabilitation and production of affordable housing and the enhancement of home ownership opportunities in a defined Columbus neighborhood; and

WHEREAS, the Merion Village Civic Association has played a strong role in the project to move the structures and is extremely supportive of this neighb...