Explanation
Background: Taylor Homes is a residential revitalization project containing a mix of new single-family homes and rehabilitated rental properties. The project has developed under the direction of Columbus Urban Growth Corporation (CUGC). Once completed there will be 24 renovated/new dwelling units. 22 will be market rate single family and 2 units will be rental. Two newly constructed homes are to be sold to owner-occupants and when transferred, will close out the new home construction side of the project. Since its inception in 2003, the Taylor Homes project has been successful in reaching its stated goals of improving the housing stock and increasing home ownership along the Taylor Avenue corridor. The Housing Trust for Columbus and Franklin County provided the construction loan to Columbus Urban Growth Corporation for these two homes however, with rising construction costs, they cost $40,000 more to build. The Housing Trust has agreed to take title to these two homes if a subsidy of $20,000 each is provided. With this subsidy the two buyers now renting the homes will qualify for a mortgage and successfully complete this project.
Fiscal Impact: $40,000 is available in the 2008 Capital Improvements Budget under Fund 735 Northland and Other Acquisitions fund.
Emergency Justification: Emergency action is requested in order to close out CUGC's involvement before their operations cease and to transfer ownership as soon as possible to the interested home buyers.
Title
To authorize the Director of Development to enter into a contract with The Housing Trust for Columbus and Franklin County to subsidize the sale of two new homes on Taylor Avenue; to authorize the expenditure of $40,000 from the Northland and Other Acquisitions Fund; to waive the competitive bidding provisions of Columbus City Code; and to declare an emergency. ($40,000)
Body
WHEREAS, Taylor Homes is a residential revitalization project containing a mix of new single...
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